Stop! Your Lease Extension in Wimborne Could Be FREE

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Many leaseholders in Wimborne 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 Wimborne 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 Wimborne lease extension

Why you should start your Wimborne lease extension today:

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

On the balance of probabilities where you own a flat in Wimborne you actually own a long leasehold interest over your property

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

Leasehold residencies in Wimborne with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lenders may decide not to loan monies on a short lease

Most mortgage companies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be mindful that it is probable that someone wishing to buy your property in the future might well do, so if they can't get a mortgage, then the value of the property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Wimborne lease extensions?

Regardless of whether you are a tenant or a freeholder in Wimborne,the lease extension experts 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 Wimborne valuers.

Wimborne Lease Extension Case Studies:

Samantha, Wimborne, Dorset,

After unsuccessful discussions with the landlord of her leasehold flat in Wimborne, Samantha commenced the lease extension process as the eighty year threshold was fast approaching. The legal work was concluded in May 2011. The landlord’s costs were kept to an absolute minimum.

Wimborne case:

Last Spring we were phoned by Mr and Mrs. G Cox , who acquired a one bedroom flat in Wimborne in May 1995. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparable homes in Wimborne with 100 year plus lease were in the region of £181,600. The mid-range amount of ground rent was £55 collected every twelve months. The lease concluded on 10 March 2078. Having 52 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of professional charges.

Wimborne case:

Mr and Mrs. F Wright bought a basement apartment in Wimborne in February 2005. We are asked if we could estimate the price could be for a ninety year lease extension. Comparative flats in Wimborne with a long lease were worth £285,000. The average ground rent payable was £45 invoiced every twelve months. The lease came to a finish in 2098. Considering the 72 years left we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including costs.