Stop! Your Lease Extension in Barnstaple Could Be FREE

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Many leaseholders in Barnstaple 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 Barnstaple 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 Barnstaple lease extension

Top reasons for lease extension now:

Increase your lease and increase your Barnstaple property value

The value of Barnstaple leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the remaining term is less than 80 years

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

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to lend on a short lease

Mortgage companies do not lend on short residential leases. You are likely to encounter difficulties where you wish to sell your flat in Barnstaple if the remaining lease term is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but generally they are looking for a minimum remaining lease term of seventy years.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
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.

Why use us for your lease extension in Barnstaple?

Using our service will provide you better control over the value of your Barnstaple 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Barnstaple Lease Extension Example Cases:

Stephanie, Barnstaple, Devon,

Following unsuccessful correspondence with the landlord of her one bedroom apartment in Barnstaple, Stephanie initiated the lease extension process just as the lease was approaching the critical eighty-year mark. The transaction completed in October 2014. The freeholder’s fees were kept to an absolute minimum.

Barnstaple case:

Last year we were contacted by Dr S Martínez , who purchased a first floor apartment in Barnstaple in April 2005. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparable flats in Barnstaple with 100 year plus lease were in the region of £210,600. The mid-range amount of ground rent was £45 billed per annum. The lease expiry date was on 10 May 2088. Taking into account 62 years unexpired we approximated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 not including costs.

Barnstaple case:

In 2011 we were contacted by Mr Kian Jones who, having purchased a one bedroom flat in Barnstaple in May 2010. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by a further 90 years. Similar properties in Barnstaple with 100 year plus lease were valued around £265,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease ended in 2099. Considering the 73 years left we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.