Stop! Your Lease Extension in Royton Could Be FREE

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Many leaseholders in Royton 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 Royton 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 Royton lease extension

Main reasons to start your Royton lease extension today:

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

Royton residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent 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 decades to come.

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

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This may be problematic as and when you wish to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you might not have an immediate plan to sell but when you do your buyer must hold off for a couple of years before they can start the legal procedures for an extension to the lease.

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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.

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

Using our service gives you enhanced control over the value of your Royton leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Royton Lease Extension Case Studies:

Amber, Royton, Greater Manchester,

Subsequent to protracted discussions with the freeholder of her one bedroom apartment in Royton, Amber started the lease extension process as the eighty year mark was rapidly nearing. The legal work was concluded in September 2007. The landlord’s charges were restricted to slightly above 650 pounds.

Royton case:

Ms V Martínez moved into a recently refurbished apartment in Royton in September 2004. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparative residencies in Royton with a long lease were worth £181,600. The mid-range ground rent payable was £55 collected monthly. The lease expired in 2078. Having 52 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus costs.

Royton case:

Mr N Campbell bought a basement apartment in Royton in May 2009. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Similar homes in Royton with an extended lease were valued about £285,000. The mid-range amount of ground rent was £45 billed monthly. The lease finished on 22 November 2098. Considering the 72 years unexpired we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.