Stop! Your Lease Extension in Nailsworth Could Be FREE

Get a Free Case Review
Many leaseholders in Nailsworth 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 Nailsworth 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.

Top reasons for Nailsworth lease extension

Main reasons to commence your Nailsworth lease extension today:

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

The market value of Nailsworth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not lend with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is probable that someone intending to acquire your property in the future might well do, so if they are not able to secure a mortgage, then the market price of the property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to accept

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.
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.
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
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 Nailsworth lease extensions?

The lawyers that we work with procure Nailsworth 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 conveyancer we work with provide it.

Nailsworth Lease Extension Case Summaries:

Phoebe, Nailsworth, Gloucestershire,

After lengthy correspondence with the freeholder of her leasehold apartment in Nailsworth, Phoebe commenced the lease extension process just as her lease was nearing the all-important eighty-year threshold. The lease extension was concluded in August 2008. The landlord’s fees were negotiated to a tad over 500 pounds.

Nailsworth case:

Mr C Brown acquired a purpose-built apartment in Nailsworth in March 2011. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparative premises in Nailsworth with an extended lease were worth £201,200. The mid-range ground rent payable was £55 invoiced yearly. The lease concluded on 22 February 2082. Taking into account 56 years left we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus legals.

Nailsworth case:

In 2011 we were approached by Dr Grace Young who, having completed a first floor flat in Nailsworth in October 1998. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparable homes in Nailsworth with a long lease were in the region of £300,000. The average ground rent payable was £50 invoiced annually. The lease concluded in 2102. Having 76 years as a residual term we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus costs.