Stop! Your Lease Extension in Warsash Could Be FREE

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Many leaseholders in Warsash 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 Warsash 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 Warsash lease extension

Why you should start your Warsash lease extension today:

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

Chances are that where you own a flat in Warsash you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Warsash with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to loan monies on a short lease

Lenders are really clamping down as regards to properties in Warsash with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus narrowing your market.

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.
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.
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 Warsash lease extensions?

Engaging our service gives you better control over the value of your Warsash leasehold, as your property will be more valuable and marketable in respect of 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.

Warsash Lease Extension Case Studies:

Elizabeth, Warsash, Hampshire,

Trailing protracted correspondence with the freeholder of her garden flat in Warsash, Elizabeth started the lease extension process as the 80 year threshold was fast approaching. The transaction was finalised in March 2010. The landlord’s fees were negotiated to under 650 GBP.

Warsash case:

Ms C Baker completed a first floor apartment in Warsash in March 2010. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Comparative premises in Warsash with 100 year plus lease were worth £205,000. The average ground rent payable was £50 collected per annum. The lease expired in 2104. Considering the 78 years left we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.

Warsash case:

Last Christmas we were e-mailed by Dr V Harris , who purchased a purpose-built flat in Warsash in November 2007. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar properties in Warsash with 100 year plus lease were valued about £267,600. The average amount of ground rent was £65 collected annually. The lease finished in 2093. Given that there were 67 years left we estimated the compensation to the landlord to extend the lease to be within £14,300 and £16,400 not including fees.