Stop! Your Lease Extension in Topsham Could Be FREE

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Many leaseholders in Topsham 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 Topsham 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 Topsham lease extension

Top reasons for lease extension now:

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

Topsham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Most owners of residential leasehold property in Topsham enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Topsham you would be well advised to check if your lease has between seventy and ninety years left. There are compelling reasons why a Topsham leaseholder with a lease having around 80 years left should take steps to make sure that a lease extension is actioned without delay

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders will not finance a property with a short lease

Banks and building societies vary in their lending requirements. Some set the bar at seventy five years left on the lease; others may be content with anything over 70 years. With less than sixty years, it may be challenging to get a mortgage at all.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

What makes us experts in Topsham lease extensions?

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

Topsham Lease Extension Case Studies:

Matthew, Topsham, Devon

16 months ago Matthew, started to get near to the eighty-year mark with the lease on his basement flat in Topsham. Having purchased his home twenty years ago, the unexpired term was of little importance. Fortunately, he realised he needed to take action soon on a lease extension. Matthew extended the lease just ahead of time in August. Matthew and the freeholder in the end agreed on an amount of £6,000 . If the lease had slipped below eighty years, the sum would have become more costly by a minimum £1,125.

Topsham case:

Mr V Cook completed a studio apartment in Topsham in November 2002. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Identical properties in Topsham with a long lease were valued about £225,800. The average amount of ground rent was £60 collected every twelve months. The lease finished on 18 April 2086. Given that there were 60 years as a residual term we approximated the premium to the landlord to extend the lease to be between £23,800 and £27,400 plus legals.

Topsham case:

Last Winter we were e-mailed by Dr Oliver Stewart , who bought a studio flat in Topsham in August 1995. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Comparable properties in Topsham with 100 year plus lease were in the region of £210,000. The mid-range amount of ground rent was £50 billed monthly. The lease came to a finish in 2106. Having 80 years unexpired we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.