Stop! Your Lease Extension in Worplesdon Could Be FREE

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Many leaseholders in Worplesdon 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 Worplesdon 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 Worplesdon lease extension

Why you should start your Worplesdon lease extension today:

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

It’s an underpublicised certainty that a Worplesdon residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Worplesdon property prices.Once your lease gets to 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher premium will be due. Most leasehold owners in Worplesdon will be able to extend under the legislation; however a lawyer should be able to confirm whether you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor throughout the process.

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

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

The trend since over the last decade has been for banks to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past banks would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Birmingham Midshires Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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.

What makes us experts in Worplesdon lease extensions?

The lawyers that we work with procure Worplesdon 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.

Worplesdon Lease Extension Example Cases:

Ella, Worplesdon, Surrey,

Trailing lengthy discussions with the freeholder of her first floor apartment in Worplesdon, Ella initiated the lease extension process as the eighty year deadline was swiftly coming. The lease extension was concluded in May 2008. The landlord’s costs were kept to an absolute minimum.

Worplesdon case:

Dr Grace Walker bought a one bedroom apartment in Worplesdon in September 1998. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Identical flats in Worplesdon with 100 year plus lease were valued about £275,000. The mid-range ground rent payable was £55 billed monthly. The lease elapsed in 2102. Taking into account 76 years remaining we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.

Worplesdon case:

Mr and Mrs. C Stewart completed a one bedroom apartment in Worplesdon in May 2008. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Identical residencies in Worplesdon with 100 year plus lease were in the region of £176,200. The average amount of ground rent was £65 billed monthly. The lease expiry date was in 2082. Having 56 years unexpired we estimated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 not including expenses.