Stop! Your Lease Extension in Whimple Could Be FREE

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Many leaseholders in Whimple 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 Whimple 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.

Why you should start your Whimple lease extension

Why you should start your Whimple lease extension today:

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

On the balance of probabilities if you own a flat in Whimple you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered 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 worth the same as a freehold for many years ahead.

Lending institutions may not lend on a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold property. Some will simply refrain from lending at all once the remaining lease term falls beneath a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant where you are intending to refinance your Whimple home.

Lender Requirement
Chelsea 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.
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.
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.
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.

What makes us experts in Whimple lease extensions?

The lawyers that we work with procure Whimple 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.

Whimple Lease Extension Example Cases:

Evan, Whimple, Devon

Last Christmas Evan, started to get near to the 80-year threshold with the lease on his ground floor apartment in Whimple. Having purchased his home two decades ago, the unexpired term was of minimal bearing. As luck would have it, he realised he would soon be paying way over the odds for a lease extension. Evan extended the lease just ahead of time in June. Evan and the freeholder eventually agreed on sum of £6,000 . If the lease had fallen lower than 80 years, the amount would have increased by a minimum £975.

Whimple case:

Mr and Mrs. V Gunderson was assigned a lease of a purpose-built apartment in Whimple in February 2001. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Identical flats in Whimple with 100 year plus lease were valued around £200,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease elapsed in 2103. Having 77 years unexpired we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.

Whimple case:

In 2012 we were e-mailed by Mr and Mrs. F Bernard who, having owned a first floor flat in Whimple in February 2003. The question was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Similar properties in Whimple with a long lease were valued around £265,200. The mid-range amount of ground rent was £65 billed yearly. The lease expired on 9 April 2092. Taking into account 66 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £15,200 and £17,600 not including legals.