Stop! Your Lease Extension in Shillington Could Be FREE

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Many leaseholders in Shillington 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 Shillington 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 Shillington lease extension

Main reasons to start your Shillington lease extension today:

Increase your lease and increase your Shillington property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Shillington have the legal entitlement to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Shillington lease extension. Putting off the costs today simply increases the amount you will eventually be required to pay for a lease extension.

Shillington property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Shillington with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may not issue a mortgage on a short lease

The propensity since over the last decade has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the unexpired lease term required by lenders has increased. Historically mortgage companies were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
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.

Why use us for your lease extension in Shillington?

Irrespective of whether you are a tenant or a freeholder in Shillington,the lease extension solicitors 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 Shillington valuers.

Shillington Lease Extension Example Cases:

Caitlin, Shillington, Bedfordshire,

Trailing unsuccessful negotiations with the landlord of her purpose-built flat in Shillington, Caitlin initiated the lease extension process as the 80 year threshold was quickly nearing. The transaction was concluded in February 2006. The freeholder’s costs were kept to an absolute minimum.

Shillington case:

Mr and Mrs. G Rodríguez moved into a studio apartment in Shillington in April 2009. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Identical premises in Shillington with an extended lease were valued about £196,400. The mid-range amount of ground rent was £55 billed monthly. The lease came to a finish on 10 March 2080. Given that there were 54 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of legals.

Shillington case:

Mrs T Rodríguez acquired a basement apartment in Shillington in November 2008. The question was if we could estimate the price would likely be to extend the lease by a further 90 years. Similar flats in Shillington with an extended lease were worth £295,000. The average amount of ground rent was £45 invoiced quarterly. The lease came to a finish on 11 May 2101. Considering the 75 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.