Stop! Your Lease Extension in Ruthin Could Be FREE

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Many leaseholders in Ruthin 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 Ruthin 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 start your Ruthin lease extension

Main reasons to start your Ruthin lease extension today:

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

The market value of Ruthin leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the remaining term is less than eighty years

Ruthin property with a lease extension 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 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.

Lending institutions may decide not to lend on a short lease

Mortgage Lenders are distinct in their lending requirements. Some draw the line at 75 years remaining on the lease; others may be content with anything with more than seventy years. With less than 60 years, it may be difficult to get a mortgage in the first place.

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.
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.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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.

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

The conveyancing solicitors that we work with handle Ruthin 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.

Ruthin Lease Extension Case Summaries:

Francesca, Ruthin, Denbighshire,

Subsequent to lengthy discussions with the landlord of her leasehold apartment in Ruthin, Francesca started the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The lease extension was finalised in August 2006. The freeholder’s costs were negotiated to less than 700 GBP.

Ruthin case:

Last Summer we were phoned by Ms D Girard , who moved into a first floor flat in Ruthin in September 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Similar flats in Ruthin with an extended lease were valued around £243,000. The mid-range amount of ground rent was £65 collected annually. The lease elapsed in 2089. Given that there were 63 years outstanding we calculated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 not including fees.

Ruthin case:

Last month we were phoned by Dr Zoe Rose , who acquired a one bedroom apartment in Ruthin in August 1995. The question was if we could estimate the premium could be for a ninety year extension to my lease. Similar premises in Ruthin with 100 year plus lease were valued about £181,600. The mid-range amount of ground rent was £55 collected per annum. The lease terminated on 24 September 2078. Taking into account 52 years outstanding we approximated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 not including costs.