Stop! Your Lease Extension in Tewkesbury Could Be FREE

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Many leaseholders in Tewkesbury 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 Tewkesbury 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 commence your Tewkesbury lease extension

Why you should commence your Tewkesbury lease extension today:

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

Tewkesbury residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Banks and building societies are tightening their criteria and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Tewkesbury were built in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Tewkesbury?

Irrespective of whether you are a tenant or a freeholder in Tewkesbury,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Tewkesbury valuers.

Tewkesbury Lease Extension Case Studies:

Harrison, Tewkesbury, Gloucestershire,

Harrison owned a high value flat in Tewkesbury on the market with a lease of a little over 72 years left. Harrison on an informal basis contacted his landlord being a well known local-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 annually. No ground rent would be due on a lease extension were Harrison to invoke his statutory right. Harrison obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Tewkesbury case:

In 2012 we were phoned by Mr and Mrs. D Smith who, having took over the lease of a garden flat in Tewkesbury in April 2010. We are asked if we could estimate the price would be for a ninety year lease extension. Identical premises in Tewkesbury with an extended lease were in the region of £216,000. The mid-range amount of ground rent was £60 invoiced per annum. The lease came to a finish on 2 June 2084. Having 58 years left we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including professional charges.

Tewkesbury case:

In 2010 we were phoned by Mr and Mrs. O Nelson who, having owned a studio flat in Tewkesbury in July 2003. We are asked if we could estimate the premium could be to extend the lease by ninety years. Comparable premises in Tewkesbury with an extended lease were worth £205,000. The average ground rent payable was £50 invoiced yearly. The lease terminated in 2104. Considering the 78 years unexpired we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of legals.