Stop! Your Lease Extension in Wombwell Could Be FREE

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Many leaseholders in Wombwell 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 Wombwell 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 Wombwell lease extension

Why you should start your Wombwell lease extension today:

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

Wombwell residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

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

Leasehold premises in Wombwell with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions may not loan monies on a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your Wombwell property being difficult to dispose of or remortgage.

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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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 Wombwell lease extension solicitors or enfranchisement solicitors

Using our service gives you better control over the value of your Wombwell leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Wombwell Lease Extension Example Cases:

Phoebe, Wombwell, South Yorkshire,

Off the back of lengthy negotiations with the freeholder of her studio apartment in Wombwell, Phoebe commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The transaction completed in September 2007. The landlord’s charges were kept to an absolute minimum.

Wombwell case:

Mr and Mrs. R Scott bought a garden apartment in Wombwell in April 2004. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable homes in Wombwell with 100 year plus lease were worth £242,600. The average amount of ground rent was £45 collected quarterly. The lease expiry date was in 2093. Considering the 67 years unexpired we calculated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 not including legals.

Wombwell case:

Last year we were approach by Mr and Mrs. J Phillips , who completed a one bedroom flat in Wombwell in September 2012. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Similar homes in Wombwell with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 collected per annum. The lease terminated on 2 July 2104. Taking into account 78 years left we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including legals.