Stop! Your Lease Extension in Waddon Could Be FREE

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Many leaseholders in Waddon 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 Waddon 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.

Why you should commence your Waddon lease extension

Main reasons to commence your Waddon lease extension today:

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

The market value of Waddon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the unexpired lease term is below than 80 years

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

Leasehold premises in Waddon with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not grant a mortgage with a short lease

The trend since 2008 has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. In the past mortgage companies were content with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

The lawyers that we work with procure Waddon 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 lawyer we work with provide it.

Waddon Lease Extension Example Cases:

Alice, Waddon, South London,

In the wake of eight months of unsuccessful discussions with the landlord of her two bedroom flat in Waddon, Alice started the lease extension process as the eighty year deadline was swiftly nearing. The legal work was finalised in July 2006. The landlord’s charges were negotiated to less than 500 GBP.

Waddon case:

In 2013 we were approached by Dr O Brown who, having moved into a garden flat in Waddon in July 2004. The dilemma was if we could approximate the price could be to extend the lease by ninety years. Comparative flats in Waddon with a long lease were in the region of £205,000. The average amount of ground rent was £50 invoiced quarterly. The lease expired on 26 June 2105. Having 79 years left we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.

Decision in Croydon

An example of a Freehold Enfranchisement matter before the tribunal for a Waddon residence is 29 Woodstock Road in April 2014. the Tribunal determined that the premiums to be paid into court in respect of the purchase of the freehold registered at HMLR under Title N0.SY3997 should be £7,217. This case was in relation to 4 flats. The unexpired term as at the valuation date was 98 years.