Stop! Your Lease Extension in Windsor Could Be FREE

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Many leaseholders in Windsor 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 Windsor 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 Windsor lease extension

Main reasons to commence your Windsor lease extension today:

A Windsor lease depreciates with the years remaining on the lease.

The value of Windsor leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is less than eighty years

Windsor property with a lease extension is almost the same value as a freehold

Leasehold premises in Windsor with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to loan monies with a short lease

Almost all mortgage companies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be aware that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of your property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

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.
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.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Windsor lease extensions?

Regardless of whether you are a tenant or a landlord in Windsor,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 Windsor valuers.

Windsor Lease Extension Example Cases:

Poppy, Windsor, Berkshire,

Following lengthy discussions with the freeholder of her basement apartment in Windsor, Poppy started the lease extension process just as the lease was coming close to the all-important 80-year threshold. The legal work was finalised in May 2011. The landlord’s costs were restricted to under 700 GBP.

Windsor case:

Mr and Mrs. K Patel bought a first floor flat in Windsor in April 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Windsor with an extended lease were in the region of £176,200. The mid-range ground rent payable was £65 billed annually. The lease lapsed on 6 August 2082. Considering the 56 years left we calculated the compensation to the freeholder for the lease extension to be within £29,500 and £34,000 exclusive of expenses.

Windsor case:

Mrs Laura Gunderson completed a one bedroom flat in Windsor in July 2002. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Identical homes in Windsor with 100 year plus lease were in the region of £237,600. The mid-range amount of ground rent was £45 invoiced yearly. The lease came to a finish in 2093. Taking into account 67 years unexpired we approximated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 plus costs.