Stop! Your Lease Extension in Penrith Could Be FREE

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Many leaseholders in Penrith 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 Penrith 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 commence your Penrith lease extension

Why you should commence your Penrith lease extension today:

Increase your lease and increase your Penrith property value

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

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

It is generally considered that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years ahead.

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

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are deemed to be deficient security.

Lender Requirement
Barclays plc
Chelsea Building Society
Halifax
Santander
Virgin

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

Regardless of whether you are a tenant or a landlord in Penrith,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Penrith valuers.

Penrith Lease Extension Example Cases:

Lucy, Penrith, Cumbria,

Following protracted correspondence with the landlord of her basement flat in Penrith, Lucy commenced the lease extension process as the 80 year deadline was fast nearing. The lease extension was finalised in September 2014. The landlord’s charges were kept to an absolute minimum.

Penrith case:

In 2013 we were approached by Ms Amber Bennett who, having took over the lease of a first floor apartment in Penrith in March 1995. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative homes in Penrith with an extended lease were in the region of £295,000. The average ground rent payable was £45 invoiced annually. The lease ran out on 24 June 2100. Considering the 74 years remaining we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.

Penrith case:

Mr and Mrs. G Rogers purchased a one bedroom flat in Penrith in November 1998. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Comparative properties in Penrith with 100 year plus lease were valued about £243,000. The mid-range amount of ground rent was £65 collected per annum. The lease concluded in 2089. Taking into account 63 years as a residual term we estimated the premium to the landlord for the lease extension to be between £20,000 and £23,000 plus expenses.