Stop! Your Lease Extension in Whaley Bridge Could Be FREE

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Many leaseholders in Whaley Bridge 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 Whaley Bridge 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 Whaley Bridge lease extension

Top reasons for lease extension now:

A Whaley Bridge leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Whaley Bridge lease terms. Whaley Bridge properties that have a residual term lower than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will increase.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not finance a property with a short lease

Banks and building societies do not like short residential leases. You most probably experience difficulties where you wish to sell your flat in Whaley Bridge if the unexpired lease term is below the criteria set by most lenders. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

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

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

Irrespective of whether you are a tenant or a landlord in Whaley Bridge,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Whaley Bridge valuers.

Whaley Bridge Lease Extension Case Summaries:

Sophie, Whaley Bridge, Derbyshire,

Trailing unsuccessful discussions with the freeholder of her leasehold apartment in Whaley Bridge, Sophie initiated the lease extension process just as her lease was nearing the all-important eighty-year threshold. The lease extension was concluded in September 2011. The landlord’s charges were kept to an absolute minimum.

Whaley Bridge case:

In 2011 we were contacted by Mr V Turner who, having moved into a purpose-built apartment in Whaley Bridge in November 2008. The question was if we could estimate the premium would be to extend the lease by an additional years. Comparative residencies in Whaley Bridge with an extended lease were valued around £257,800. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease concluded on 23 January 2091. Given that there were 65 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 not including fees.

Whaley Bridge case:

Last Summer we were phoned by Mr John Girard , who bought a recently refurbished apartment in Whaley Bridge in September 1997. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar residencies in Whaley Bridge with an extended lease were in the region of £196,400. The mid-range ground rent payable was £55 invoiced annually. The lease expired on 22 May 2080. Considering the 54 years unexpired we approximated the premium to the freeholder for the lease extension to be within £35,200 and £40,600 not including costs.