Stop! Your Lease Extension in West Barnes Could Be FREE

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Many leaseholders in West Barnes 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 West Barnes 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 West Barnes lease extension

Main reasons to commence your West Barnes lease extension today:

Increase your lease and increase your West Barnes property value

On the balance of probabilities where you own a flat in West Barnes you actually own a long leasehold interest over your property

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

It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to issue a mortgage with a short lease

Banks and Building Societies have set criteria when lending monies charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term falls lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your West Barnes property.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
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.

Yorkshire Building Society 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.

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

The conveyancing solicitors that we work with undertake West Barnes 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 conveyancing solicitor we work with provide it.

West Barnes Lease Extension Case Summaries:

Alexander, West Barnes, South West London

14 months ago Alexander, came critically close to the 80-year threshold with the lease on his leasehold apartment in West Barnes. In buying his home 18 years previously, the lease term was of minimal significance. by good luck, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Alexander arranged for a lease extension just in the nick of time in May. Alexander and the freeholder via the managing agents in the end settled on sum of £6,000 . If he failed to meet the deadline, the sum would have escalated by at least £925.

West Barnes case:

Mrs M James acquired a studio apartment in West Barnes in November 2010. The dilemma was if we could approximate the premium could be to extend the lease by ninety years. Similar homes in West Barnes with a long lease were worth £285,000. The average amount of ground rent was £55 invoiced monthly. The lease concluded on 26 September 2106. Given that there were 80 years outstanding we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus costs.

Decision in Kingston upon Thames

An example of a Lease Extension decision for a West Barnes flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case affected 1 flat.