Stop! Your Lease Extension in Wingate Could Be FREE

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Many leaseholders in Wingate 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 Wingate 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 commence your Wingate lease extension

Why you should commence your Wingate lease extension today:

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

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

Wingate property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not finance a property with a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are considered to be deficient security.

Lender Requirement
Birmingham Midshires
Chelsea Building Society
Halifax
TSB
Royal Bank of Scotland

What makes us experts in Wingate lease extensions?

Engaging our service will provide you increased control over the value of your Wingate leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Wingate Lease Extension Example Cases:

Lydia, Wingate, County Durham,

Off the back of unsuccessful negotiations with the freeholder of her garden apartment in Wingate, Lydia started the lease extension process just as the lease was coming close to the all-important 80-year threshold. The transaction was finalised in March 2006. The freeholder’s charges were negotiated to about 550 GBP.

Wingate case:

In 2009 we were approached by Mr and Mrs. L Wilson who, having purchased a first floor flat in Wingate in June 2002. The question was if we could approximate the price would likely be to extend the lease by an additional years. Identical flats in Wingate with 100 year plus lease were valued around £257,800. The mid-range ground rent payable was £65 invoiced per annum. The lease terminated on 6 September 2091. Having 65 years outstanding we calculated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 plus expenses.

Wingate case:

In 2010 we were approached by Mr Eli Nguyen who, having owned a one bedroom apartment in Wingate in June 2003. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Identical premises in Wingate with a long lease were worth £191,400. The average amount of ground rent was £55 invoiced yearly. The lease end date was on 9 June 2080. Having 54 years remaining we approximated the premium to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of professional charges.