Stop! Your Lease Extension in Borth Could Be FREE

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Many leaseholders in Borth 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 Borth 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 Borth lease extension

Main reasons to start your Borth lease extension today:

Increase your lease and increase your Borth property value

Chances are that if you own a flat in Borth you actually own a long leasehold interest over your property

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

Leasehold properties in Borth with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may not loan monies on a short lease

Lenders are really restricting their approach as regards to homes in Borth with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus reducing the number of prospective purchasers.

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.
Coventry Building Society 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.
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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 Borth lease extensions?

The lawyers that we work with undertake Borth 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.

Borth Lease Extension Case Studies:

Natasha, Borth, Aberaeron,

In the wake of 6 months of protracted negotiations with the landlord of her ground floor apartment in Borth, Natasha initiated the lease extension process as the 80 year threshold was rapidly approaching. The transaction was concluded in February 2005. The freeholder’s fees were kept to an absolute minimum.

Borth case:

Last Christmas we were contacted by Ms W Leroy , who bought a purpose-built apartment in Borth in September 2000. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar premises in Borth with an extended lease were worth £250,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease terminated in 2095. Given that there were 69 years left we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus costs.

Borth case:

In 2011 we were phoned by Mrs L Hill who, having acquired a one bedroom apartment in Borth in June 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by ninety years. Comparable flats in Borth with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £60 billed yearly. The lease lapsed on 18 March 2106. Having 80 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including expenses.