Stop! Your Lease Extension in Temple Could Be FREE

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Many leaseholders in Temple 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 Temple 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.

Main reasons to start your Temple lease extension

Main reasons to commence your Temple lease extension today:

A Temple leasehold property depreciates with the years remaining on the lease.

The value of Temple leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is less than 80 years

Temple property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

Lenders are making their criteria more stringent and many now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As plenty of flats in Temple were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea 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.
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.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Temple lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you enhanced control over the value of your Temple 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.

Temple Lease Extension Example Cases:

Matthew, Temple, London

In 2014 Matthew, started to get near to the eighty-year threshold with the lease on his purpose- built flat in Temple. In buying his flat two decades ago, the length of the lease was of minimal concern. Luckily, he noticed he needed to take action soon on a lease extension. Matthew extended the lease at the eleventh hour in January. Matthew and the freeholder via the managing agents in the end settled on sum of £5,000 . If he failed to meet the deadline, the premium would have increased by at least £900.

Temple case:

In 2011 we were called by Mrs L Howard who, having purchased a one bedroom flat in Temple in November 1999. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparative residencies in Temple with a long lease were in the region of £280,000. The average ground rent payable was £45 collected yearly. The lease expired in 2097. Taking into account 71 years outstanding we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.

Decision in Camden

An example of a Lease Extension case for a Temple residence is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The unexpired lease term was 66.8 years.