Stop! Your Lease Extension in Widnes Could Be FREE

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Many leaseholders in Widnes 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 Widnes 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 Widnes lease extension

Main reasons to start your Widnes lease extension today:

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

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

An extended lease is almost the same value as a freehold

Leasehold premises in Widnes with more than 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 property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders may not loan monies on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are deemed to be insufficient security.

Lender Requirement
Barnsley Building Society
Godiva Mortgages
Leeds Building Society
TSB
Royal Bank of Scotland

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

The lawyers that we work with handle Widnes 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 lawyer we work with provide it.

Widnes Lease Extension Example Cases:

Luca, Widnes, Cheshire

In recent months Luca, started to get near to the eighty-year threshold with the lease on his ground floor flat in Widnes. Having purchased his home 18 years previously, the unexpired term was of no importance. As luck would have it, he realised he needed to take action soon on Extending the lease. Luca arranged for a lease extension just in the nick of time in January. Luca and the freeholder via the management company subsequently settled on a premium of £5,000 . If the lease had fallen below 80 years, the figure would have increased by at least £875.

Widnes case:

Mrs U Roberts purchased a purpose-built flat in Widnes in July 1996. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Identical premises in Widnes with an extended lease were valued around £225,400. The average amount of ground rent was £45 invoiced every twelve months. The lease ended on 17 October 2090. Taking into account 64 years left we estimated the premium to the landlord for the lease extension to be between £15,200 and £17,600 not including legals.

Widnes case:

In 2013 we were approached by Dr C Howard who, having completed a recently refurbished apartment in Widnes in July 2010. The dilemma was if we could approximate the price would likely be to prolong the lease by ninety years. Similar premises in Widnes with an extended lease were valued around £270,000. The average ground rent payable was £55 billed yearly. The lease ended in 2101. Given that there were 75 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.