Stop! Your Lease Extension in Handforth Could Be FREE

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Many leaseholders in Handforth 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 Handforth 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 start your Handforth lease extension

Why you should commence your Handforth lease extension today:

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

On the balance of probabilities if you own a flat in Handforth you actually own a long leasehold interest over your property

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

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to grant a mortgage on a short lease

Lending institutions have set criteria when loaning monies secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term drops below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are wanting to refinance your Handforth property.

Lender Requirement
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.

Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
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 Handforth lease extensions?

The lawyers that we work with handle Handforth 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 conveyancing solicitor we work with provide it.

Handforth Lease Extension Case Studies:

Luca, Handforth, Cheshire

During the course of the last few months Luca, came precariously close to the eighty-year mark with the lease on his leasehold apartment in Handforth. Having bought his flat two decades ago, the unexpired term was of little significance. Fortunately, he recognised he needed to take steps soon on Extending the lease. Luca arranged for a lease extension just ahead of time in June. Luca and the freeholder via the management company ultimately settled on a premium of £5,500 . If the lease had dropped to less than eighty years, the sum would have gone up by at least £875.

Handforth case:

In 2011 we were e-mailed by Ms Bethany Rodríguez who, having acquired a purpose-built apartment in Handforth in January 2003. The question was if we could approximate the price could be to extend the lease by an additional years. Identical flats in Handforth with an extended lease were worth £290,000. The mid-range amount of ground rent was £45 collected annually. The lease ran out in 2099. Having 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.

Handforth case:

In 2014 we were phoned by Mrs Robyn Morris who, having completed a first floor apartment in Handforth in January 2008. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparative properties in Handforth with a long lease were worth £240,600. The average amount of ground rent was £65 collected monthly. The lease concluded on 23 July 2088. Having 62 years unexpired we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of professional charges.