Stop! Your Lease Extension in Cranfield Could Be FREE

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Many leaseholders in Cranfield 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 Cranfield 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.

Top reasons for Cranfield lease extension

Main reasons to commence your Cranfield lease extension today:

Increase your lease and increase your Cranfield property value

Chances are that if you own a flat in Cranfield you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to lend on a short lease

The propensity since the credit crunch has been for lenders to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be charged. This has meant the unexpired lease term required by banks has increased. Historically lenders would lend on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer 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.
Birmingham Midshires 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.
Leeds Building Society 85 years remaining from the start of the mortgage.

Why use us for your lease extension in Cranfield?

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

Cranfield Lease Extension Example Cases:

Lucy, Cranfield, Bedfordshire,

In the wake of 6 months of lengthy correspondence with the landlord of her ground floor flat in Cranfield, Lucy initiated the lease extension process as the 80 year threshold was rapidly approaching. The legal work was finalised in October 2010. The landlord’s charges were kept to an absolute minimum.

Cranfield case:

Mrs G Rogers acquired a first floor flat in Cranfield in May 2004. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Cranfield with 100 year plus lease were worth £193,400. The average ground rent payable was £65 collected quarterly. The lease elapsed on 15 September 2085. Having 59 years unexpired we calculated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 plus expenses.

Cranfield case:

In 2013 we were phoned by Mr and Mrs. O Rose who, having purchased a one bedroom apartment in Cranfield in January 1999. The dilemma was if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Comparative residencies in Cranfield with 100 year plus lease were worth £255,000. The average ground rent payable was £50 billed monthly. The lease lapsed on 1 March 2096. Given that there were 70 years remaining we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.