Cranfield Lease Extension - Free Consultation

Get a Quote

Before you progress with your lease extension in Cranfield
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to commence your Cranfield lease extension

Why you should start your Cranfield lease extension today:

A Cranfield leasehold property depreciates with the years remaining on the lease.

The market value of Cranfield leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Cranfield with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to finance a property with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be conscious that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so if they are not able to get a mortgage, then the value of your property could be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

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.
Coventry Building Society 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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Cranfield lease extensions?

The lawyers that we work with procure Cranfield 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.

Cranfield Lease Extension Example Cases:

Niamh, Cranfield, Bedfordshire,

Following lengthy correspondence with the freeholder of her first floor flat in Cranfield, Niamh commenced the lease extension process just as her lease was coming close to the critical eighty-year threshold. The transaction was concluded in April 2012. The landlord’s costs were kept to an absolute minimum.

Cranfield case:

Mr and Mrs. L Wilson moved into a studio flat in Cranfield in July 2000. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparable residencies in Cranfield with a long lease were worth £225,400. The average amount of ground rent was £45 billed annually. The lease lapsed in 2090. Taking into account 64 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of costs.

Cranfield case:

Last year we were contacted by Dr R Cooper , who acquired a studio apartment in Cranfield in August 2011. We are asked if we could estimate the price could be to prolong the lease by ninety years. Similar residencies in Cranfield with 100 year plus lease were in the region of £270,000. The average amount of ground rent was £55 billed every twelve months. The lease expiry date was in 2101. Taking into account 75 years as a residual term we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.