Stop! Your Lease Extension in Tiverton Could Be FREE

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Many leaseholders in Tiverton 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 Tiverton 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 Tiverton lease extension

Why you should start your Tiverton lease extension today:

Increase your lease and increase your Tiverton property value

Chances are that if you own a flat in Tiverton you actually own a long leasehold interest over your property

Tiverton property with a lease extension is almost the same value as a freehold

Leasehold residencies in Tiverton with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value 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 estate charges warrant it.

Lending institutions will not loan monies with a short lease

Lenders are really restricting their approach as regards to properties in Tiverton with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Godiva Mortgages 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.
Leeds Building Society 85 years remaining from the start 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 Tiverton lease extensions?

The lawyers that we work with undertake Tiverton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Tiverton Lease Extension Example Cases:

Jacob, Tiverton, Devon

In recent months Jacob, started to get near to the 80-year mark with the lease on his two bedroom flat in Tiverton. In buying his home 19 years previously, the unexpired term was of minimal bearing. As luck would have it, he realised he would soon be paying an inflated amount for Extending the lease. Jacob extended the lease just ahead of time last May. Jacob and the freeholder subsequently settled on the final figure of £5,000 . If he had missed the deadline, the price would have escalated by a minimum £850.

Tiverton case:

In 2010 we were called by Mr and Mrs. E Alexander who, having was assigned a lease of a garden flat in Tiverton in July 2007. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Similar residencies in Tiverton with an extended lease were valued around £240,600. The average amount of ground rent was £60 billed annually. The lease lapsed in 2088. Having 62 years unexpired we approximated the premium to the landlord to extend the lease to be between £21,900 and £25,200 not including professional charges.

Tiverton case:

In 2010 we were e-mailed by Mrs T Jones who, having completed a one bedroom apartment in Tiverton in September 1996. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Similar premises in Tiverton with an extended lease were in the region of £174,200. The average ground rent payable was £55 collected yearly. The lease ran out in 2077. Having 51 years left we approximated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of expenses.