Stop! Your Lease Extension in Tunstall Could Be FREE

Get a Free Case Review
Many leaseholders in Tunstall 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 Tunstall 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.

Top reasons for Tunstall lease extension

Main reasons to commence your Tunstall lease extension today:

Increase your lease and increase your Tunstall property value

Tunstall residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may be problematic once you need to sell or remortgage your flat as it will be effectively unmortgageable. You might have no imminent intention to sell but when you do your purchaser must hold off for two years before they can start the legal procedures for an extension to the lease.

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.
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.
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.

Why use us for your lease extension in Tunstall?

Regardless of whether you are a tenant or a landlord in Tunstall,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tunstall valuers.

Tunstall Lease Extension Case Summaries:

Madeleine, Tunstall, Staffordshire,

After unsuccessful correspondence with the landlord of her one bedroom apartment in Tunstall, Madeleine started the lease extension process as the 80 year mark was quickly coming. The transaction was finalised in January 2006. The freeholder’s fees were restricted to below 500 GBP.

Tunstall case:

In 2010 we were e-mailed by Mr and Mrs. T Bernard who, having completed a garden apartment in Tunstall in November 2005. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparative flats in Tunstall with a long lease were worth £225,800. The average amount of ground rent was £60 invoiced monthly. The lease concluded in 2086. Given that there were 60 years left we approximated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 not including fees.

Tunstall case:

Last Summer we were phoned by Mr and Mrs. F Pérez , who completed a newly refurbished apartment in Tunstall in May 2003. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Similar properties in Tunstall with 100 year plus lease were valued around £210,000. The average amount of ground rent was £50 collected yearly. The lease terminated in 2106. Considering the 80 years outstanding we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus professional charges.