Stop! Your Lease Extension in Thames Ditton Could Be FREE

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Many leaseholders in Thames Ditton 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 Thames Ditton 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 Thames Ditton lease extension

Why you should start your Thames Ditton lease extension today:

A Thames Ditton leasehold property depreciates with the years remaining on the lease.

The market value of Thames Ditton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the unexpired lease term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold residencies in Thames Ditton with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions will not loan monies on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as inadequate for lending purposes.

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.
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.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date 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.

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

Retaining our service gives you enhanced control over the value of your Thames Ditton leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Thames Ditton Lease Extension Case Summaries:

Hollie, Thames Ditton, Surrey,

In the wake of eight months of protracted correspondence with the freeholder of her first floor apartment in Thames Ditton, Hollie started the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The legal work was finalised in October 2011. The landlord’s charges were restricted to slightly above 700 pounds.

Thames Ditton case:

In 2014 we were contacted by Mr and Mrs. C Young who, having completed a basement flat in Thames Ditton in January 1999. The question was if we could estimate the premium would be to prolong the lease by an additional years. Similar flats in Thames Ditton with an extended lease were valued around £176,200. The mid-range amount of ground rent was £65 invoiced annually. The lease end date was on 27 June 2082. Considering the 56 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 not including fees.

Decision in Kingston upon Thames

An example of a Lease Extension decision for a Thames Ditton premises is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.