Stop! Your Lease Extension in Wantage Could Be FREE

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Many leaseholders in Wantage 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 Wantage 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 Wantage lease extension

Why you should start your Wantage lease extension today:

A Wantage lease depreciates with the years remaining on the lease.

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

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

Leasehold properties in Wantage 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 home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions will not issue a mortgage with a short lease

Almost all mortgage lenders insist on a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is likely that someone intending to buy your property in the future might well do, so where they are not able to secure a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to accept

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Wantage lease extensions?

The conveyancing solicitors that we work with procure Wantage 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 conveyancer we work with provide it.

Wantage Lease Extension Case Summaries:

Alexandra, Wantage, Oxfordshire,

Subsequent to protracted discussions with the freeholder of her two bedroom apartment in Wantage, Alexandra initiated the lease extension process just as the lease was nearing the critical eighty-year mark. The transaction completed in October 2015. The landlord’s charges were restricted to slightly above 550 GBP.

Wantage case:

Mr Alexander Kelly took over the lease of a purpose-built flat in Wantage in May 2001. We are asked if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparative flats in Wantage with 100 year plus lease were in the region of £171,800. The mid-range amount of ground rent was £55 billed quarterly. The lease expired on 16 April 2076. Given that there were 50 years left we estimated the premium to the landlord for the lease extension to be within £33,300 and £38,400 exclusive of expenses.

Wantage case:

In 2012 we were contacted by Mr and Mrs. A Gómez who, having owned a first floor apartment in Wantage in April 2005. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparative properties in Wantage with 100 year plus lease were valued around £280,000. The average amount of ground rent was £45 billed per annum. The lease expired in 2096. Taking into account 70 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.