Stop! Your Lease Extension in Winchelsea Could Be FREE

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Many leaseholders in Winchelsea 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 Winchelsea 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 Winchelsea lease extension

Why you should start your Winchelsea lease extension today:

Increase your lease and increase your Winchelsea property value

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

An extended lease is almost the same value as a freehold

Leasehold premises in Winchelsea with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to grant a mortgage on a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the unexpired lease term required by lenders has increased. Historically banks were content with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Lender Requirement
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.
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.
Royal Bank of Scotland Mortgage term plus 30 years.
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 Winchelsea lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Winchelsea,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Winchelsea valuers.

Winchelsea Lease Extension Case Summaries:

Finn, Winchelsea, East Sussex

Half a year ago Finn, came critically near to the eighty-year threshold with the lease on his studio apartment in Winchelsea. Having purchased his property 18 years previously, the unexpired term was of no interest. Fortunately, it dawned on him that he needed to take steps soon on a lease extension. Finn arranged for a lease extension at the eleventh hour in January. Finn and the landlord eventually settled on a premium of £5,500 . If the lease had fallen lower than eighty years, the sum would have become more exhorbitant by at least £850.

Winchelsea case:

In 2011 we were phoned by Mr and Mrs. W Baker who, having owned a ground floor flat in Winchelsea in September 2009. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Similar premises in Winchelsea with a long lease were in the region of £280,000. The mid-range amount of ground rent was £45 billed annually. The lease end date was in 2096. Given that there were 70 years unexpired we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.

Winchelsea case:

In 2014 we were approached by Ms Katherine Bernard who, having purchased a basement flat in Winchelsea in August 2011. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Comparative homes in Winchelsea with 100 year plus lease were in the region of £223,400. The average ground rent payable was £60 collected annually. The lease came to a finish on 19 May 2085. Considering the 59 years unexpired we approximated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 not including costs.