Stop! Your Lease Extension in Yiewsley Could Be FREE

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Many leaseholders in Yiewsley 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 Yiewsley 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 Yiewsley lease extension

Main reasons to start your Yiewsley lease extension today:

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

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

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions will not finance a property on a short lease

Lenders do not like short residential leases. You are likely to experience difficulties where you need to sell your flat in Yiewsley if the remaining lease term is less than the criteria set by most banks and building societies. Different mortgage companies have different requirements but in the main theyrequire a minimum remaining lease term of 65 years.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Halifax Minimum 70 years from the date of the mortgage.
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.

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

Retaining our service will provide you enhanced control over the value of your Yiewsley leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Yiewsley Lease Extension Case Summaries:

Seth, Yiewsley, West London,

Seth was the the leasehold owner of a high value apartment in Yiewsley being sold with a lease of fraction over 72 years outstanding. Seth informally spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Seth to exercise his statutory right. Seth procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.

Yiewsley case:

Last month we were e-mailed by Mr M Ricardo , who was assigned a lease of a one bedroom flat in Yiewsley in January 1997. We are asked if we could approximate the premium could be to prolong the lease by a further 90 years. Identical premises in Yiewsley with a long lease were worth £183,600. The average ground rent payable was £65 billed every twelve months. The lease termination date was in 2083. Having 57 years outstanding we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of fees.

Decision in Hillingdon

An example of a Freehold Enfranchisement matter before the tribunal for a Yiewsley residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The unexpired lease term was 69 years.