Stop! Your Lease Extension in Bellingham Could Be FREE

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Many leaseholders in Bellingham 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 Bellingham 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 Bellingham lease extension

Main reasons to commence your Bellingham lease extension today:

Increase your lease and increase your Bellingham property value

The market value of Bellingham 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 increase materialy once the unexpired lease term is less than eighty years

Bellingham property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Banks and Building Societies are less likely to grant a loan offer on a domestic flat in Bellingham with a short lease. Some lenders simply refuse a mortgage on leases with under 75 years left.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Get in touch with one of our Bellingham lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Bellingham,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bellingham valuers.

Bellingham Lease Extension Example Cases:

Morgan, Bellingham, South East London,

After unsuccessful correspondence with the landlord of her one bedroom apartment in Bellingham, Morgan initiated the lease extension process as the 80 year deadline was quickly coming. The legal work was finalised in May 2008. The freeholder’s charges were restricted to under 600 GBP.

Bellingham case:

Last Summer we were called by Mr and Mrs. L Cox , who moved into a ground floor apartment in Bellingham in March 2002. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparable properties in Bellingham with a long lease were in the region of £173,800. The average amount of ground rent was £65 invoiced quarterly. The lease terminated on 6 February 2081. Considering the 55 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of fees.

Decision in Lewisham

An example of a Freehold Enfranchisement case for a Bellingham flat is 75 Woolstone Road in February 2012. the decision of the Tribunal was that the appropriate amount to be paid to purchase the freehold was the sum of £17,711 . This case was in relation to 2 flats. The unexpired lease term was 68.28 and 158.