Stop! Your Lease Extension in Tenby Could Be FREE

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Many leaseholders in Tenby 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 Tenby 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 Tenby lease extension

Main reasons to start your Tenby lease extension today:

Increase your lease and increase your Tenby property value

Tenby residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

Leasehold properties in Tenby with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This may cause difficulties as and when you come to sell or remortgage your property as it will be effectively unmortgageable. Even though you might have no immediate desire to sell but when you do your buyer must wait 2 years before being able to exercise the right to a a lease extension.

Lender Requirement
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.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 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 Tenby lease extension solicitors or enfranchisement solicitors

Lease extensions in Tenby can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Tenby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tenby Lease Extension Example Cases:

Isobel, Tenby, Pembrokeshire,

Following protracted correspondence with the landlord of her studio flat in Tenby, Isobel commenced the lease extension process as the 80 year mark was swiftly nearing. The transaction completed in July 2015. The freeholder’s fees were kept to an absolute minimum.

Tenby case:

Mr and Mrs. T Turner acquired a first floor apartment in Tenby in April 2012. The question was if we could approximate the premium would be to extend the lease by 90 years. Comparative flats in Tenby with an extended lease were valued around £225,400. The mid-range amount of ground rent was £45 billed quarterly. The lease finished in 2090. Taking into account 64 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £16,200 and £18,600 plus fees.

Tenby case:

In 2010 we were contacted by Mr and Mrs. S Collins who, having was assigned a lease of a studio apartment in Tenby in May 2000. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Comparable premises in Tenby with an extended lease were worth £270,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease ran out in 2101. Taking into account 75 years left we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.