Stop! Your Lease Extension in Woolacombe Could Be FREE

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Many leaseholders in Woolacombe 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 Woolacombe 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.

Why you should start your Woolacombe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Woolacombe property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Woolacombe. Inevitably, the length of lease left shortens over time. This may slip by relatively unnoticed when the residence has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Eligible leaseholders in Woolacombe have the legal entitlement to extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. You should give due consideration before delaying your Woolacombe lease extension. Putting off that expense now simply increases the price you will eventually have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

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

Many banks and building societies insist on a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is probable that someone wanting to acquire your property in the future might well do, so where they can't obtain a mortgage, then the financial worth of your property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Godiva Mortgages 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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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.

What makes us experts in Woolacombe lease extensions?

The conveyancing solicitors that we work with handle Woolacombe 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.

Woolacombe Lease Extension Example Cases:

Caleb, Woolacombe, Devon

14 months ago Caleb, started to get near to the eighty-year threshold with the lease on his ground floor flat in Woolacombe. In buying his home two decades ago, the length of the lease was of little bearing. by good luck, he recognised he would soon be paying an escalated premium for Extending the lease. Caleb extended the lease just under the wire in April. Caleb and the landlord eventually agreed on the final figure of £5,500 . If he not met the deadline, the figure would have become more exhorbitant by a minimum £950.

Woolacombe case:

In 2013 we were approached by Mrs Georgia Moreau who, having completed a purpose-built apartment in Woolacombe in June 2006. We are asked if we could estimate the price would be to extend the lease by 90 years. Identical flats in Woolacombe with 100 year plus lease were valued around £300,000. The average amount of ground rent was £50 billed per annum. The lease ended on 7 May 2101. Having 75 years remaining we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of costs.

Woolacombe case:

In 2011 we were called by Mrs U Rogers who, having acquired a one bedroom flat in Woolacombe in November 2004. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparative properties in Woolacombe with 100 year plus lease were worth £250,400. The mid-range amount of ground rent was £65 billed annually. The lease terminated on 3 August 2090. Considering the 64 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 plus professional charges.