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.

Why you should start your Whaley Bridge lease extension

Why you should commence your Whaley Bridge lease extension today:

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

Whaley Bridge residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

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

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to lend on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. Historically banks were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
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 Whaley Bridge lease extension solicitors or enfranchisement solicitors

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

Whaley Bridge Lease Extension Case Summaries:

Chantelle, Whaley Bridge, Derbyshire,

Off the back of protracted correspondence with the freeholder of her two bedroom flat in Whaley Bridge, Chantelle initiated the lease extension process as the eighty year threshold was quickly nearing. The transaction was concluded in July 2013. The freeholder’s costs were kept to an absolute minimum.

Whaley Bridge case:

In 2014 we were contacted by Mr and Mrs. O Edwards who, having acquired a ground floor flat in Whaley Bridge in May 2011. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative residencies in Whaley Bridge with a long lease were valued around £205,000. The average ground rent payable was £50 collected monthly. The lease terminated on 15 June 2105. Considering the 79 years remaining we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus legals.

Whaley Bridge case:

Last Spring we were contacted by Mr Harrison Sharif , who bought a newly refurbished flat in Whaley Bridge in April 2005. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparative properties in Whaley Bridge with a long lease were valued around £275,000. The mid-range ground rent payable was £65 collected yearly. The lease ended on 4 September 2094. Taking into account 68 years unexpired we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus expenses.