Stop! Your Lease Extension in Taverham Could Be FREE

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Many leaseholders in Taverham are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Taverham has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Taverham lease extension

Why you should start your Taverham lease extension today:

Increase your lease and increase your Taverham property value

Taverham residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Taverham with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not issue a mortgage on a short lease

Mortgage companies are really clamping down as regards to homes in Taverham with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus restricting the amount of prospective buyers.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Taverham lease extensions?

Using our service will provide you enhanced control over the value of your Taverham leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Taverham Lease Extension Case Studies:

Zachary, Taverham, Norfolk

In recent months Zachary, came seriously near to the eighty-year threshold with the lease on his one bedroom apartment in Taverham. In buying his property two decades ago, the unexpired term was of little bearing. Luckily, he realised he needed to take steps soon on a lease extension. Zachary arranged for a lease extension just under the wire last June. Zachary and the landlord who owned the flat above subsequently agreed on a premium of £5,000 . If the lease had slipped below 80 years, the premium would have increased by at least £1,025.

Taverham case:

Last Autumn we were contacted by Mrs Natalie Thompson , who owned a basement flat in Taverham in November 2000. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Comparative flats in Taverham with a long lease were worth £227,800. The average amount of ground rent was £45 invoiced annually. The lease came to a finish in 2091. Considering the 65 years unexpired we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of legals.

Taverham case:

In 2014 we were e-mailed by Ms Morgan Young who, having moved into a garden flat in Taverham in July 2009. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative residencies in Taverham with a long lease were valued about £275,000. The average amount of ground rent was £55 collected yearly. The lease finished in 2102. Considering the 76 years remaining we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.