Stop! Your Lease Extension in Whitnash Could Be FREE

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Many leaseholders in Whitnash 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 Whitnash 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 Whitnash lease extension

Why you should commence your Whitnash lease extension today:

Increase your lease and increase your Whitnash property value

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

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not lend with a short lease

Banks and building societies do not like short residential leases. You most probably experience difficulties if you need to sell your flat in Whitnash if the remaining term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but in the main they are looking for an unexpired term of at least seventy years.

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.
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.
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.

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

Why use us for your lease extension in Whitnash?

Regardless of whether you are a tenant or a freeholder in Whitnash,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Whitnash valuers.

Whitnash Lease Extension Example Cases:

Gabriel, Whitnash, Warwickshire

In 2014 Gabriel, came dangerously close to the eighty-year threshold with the lease on his first floor flat in Whitnash. Having bought his flat 18 years previously, the length of the lease was of no concern. As luck would have it, he became aware that he needed to take steps soon on a lease extension. Gabriel arranged for a lease extension just in the nick of time in August. Gabriel and the freeholder via the managing agents ultimately settled on sum of £6,000 . If he not met the deadline, the price would have gone up by a minimum £850.

Whitnash case:

In 2014 we were called by Dr George Rose who, having acquired a newly refurbished apartment in Whitnash in January 2007. The question was if we could estimate the price would likely be to extend the lease by an additional years. Identical residencies in Whitnash with a long lease were valued about £171,800. The mid-range ground rent payable was £55 collected per annum. The lease expired on 14 June 2076. Taking into account 50 years left we estimated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of professional charges.

Whitnash case:

Ms W Gunderson was assigned a lease of a one bedroom flat in Whitnash in June 2001. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by 90 years. Similar residencies in Whitnash with a long lease were valued around £280,000. The mid-range ground rent payable was £45 billed per annum. The lease finished in 2096. Taking into account 70 years outstanding we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including professional charges.