Stop! Your Lease Extension in Victoria Could Be FREE

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Many leaseholders in Victoria 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 Victoria 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 commence your Victoria lease extension

Why you should commence your Victoria lease extension today:

Increase your lease and increase your Victoria property value

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

An extended lease is almost the same value as a freehold

Leasehold properties in Victoria with over 100 years remaining 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 circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage lenders have specific criteria when lending monies secured on leasehold property. Many will simply not lend at all once the residual lease term falls lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are seeking to remortgage your Victoria home.

Lender Requirement
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.
Halifax Minimum 70 years from the date 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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Lease extensions in Victoria can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Victoria lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Victoria Lease Extension Case Summaries:

Lucy, Victoria, London,

Off the back of protracted discussions with the freeholder of her purpose-built flat in Victoria, Lucy started the lease extension process just as her lease was coming close to the critical eighty-year deadline. The transaction was concluded in April 2014. The landlord’s fees were kept to an absolute minimum.

Victoria case:

In 2010 we were contacted by Mr and Mrs. C Mason who, having moved into a garden flat in Victoria in May 2011. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Similar residencies in Victoria with a long lease were in the region of £250,000. The average ground rent payable was £50 billed yearly. The lease finished in 2095. Having 69 years outstanding we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Decision in Westminster

An example of a Lease Extension matter before the tribunal for a Victoria premises is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 56 years.