Stop! Your Lease Extension in Charmouth Could Be FREE

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Many leaseholders in Charmouth 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 Charmouth 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 commence your Charmouth lease extension

Main reasons to start your Charmouth lease extension today:

A Charmouth leasehold property depreciates with the years remaining on the lease.

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

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to finance a property on a short lease

The trend since over the last decade has been for banks to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past lenders were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Accord Mortgages 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.
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.
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.

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.

Why use us for your lease extension in Charmouth?

Engaging our service will provide you better control over the value of your Charmouth leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Charmouth Lease Extension Example Cases:

Dylan, Charmouth, Dorset

In recent months Dylan, started to get near to the 80-year mark with the lease on his ground floor flat in Charmouth. In buying his home twenty years previously, the lease term was of no bearing. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Dylan was able to extend his lease just under the wire in August. Dylan and the freeholder via the management company eventually settled on the final figure of £5,000 . If the lease had descended to less than eighty years, the price would have increased by at least £1,025.

Charmouth case:

Mr and Mrs. W Bailey owned a first floor apartment in Charmouth in June 2003. We are asked if we could approximate the price could be for a 90 year lease extension. Identical premises in Charmouth with a long lease were valued about £280,000. The mid-range ground rent payable was £45 collected annually. The lease finished in 2095. Taking into account 69 years outstanding we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus costs.

Charmouth case:

Dr O García bought a first floor apartment in Charmouth in November 2011. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Similar residencies in Charmouth with an extended lease were in the region of £216,000. The mid-range ground rent payable was £60 invoiced yearly. The lease came to a finish in 2084. Given that there were 58 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of professional charges.