Stop! Your Lease Extension in Runcorn Could Be FREE

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Many leaseholders in Runcorn 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 Runcorn 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 Runcorn lease extension

Top reasons for lease extension now:

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

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

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to lend with a short lease

The propensity since the credit crunch has been for banks to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

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.
Halifax Minimum 70 years from the date of the mortgage.
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.

Why use us for your lease extension in Runcorn?

Retaining our service will provide you enhanced control over the value of your Runcorn leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Runcorn Lease Extension Example Cases:

Alicia, Runcorn, Cheshire,

In the wake of 9 months of lengthy correspondence with the landlord of her two bedroom apartment in Runcorn, Alicia commenced the lease extension process as the eighty year threshold was fast advancing. The legal work was concluded in February 2009. The landlord’s costs were negotiated to approximately 600 pounds.

Runcorn case:

Last Christmas we were phoned by Mr and Mrs. V Leroy , who took over the lease of a purpose-built flat in Runcorn in March 1998. The question was if we could estimate the premium would be for a ninety year lease extension. Similar flats in Runcorn with 100 year plus lease were valued about £250,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease termination date was in 2095. Having 69 years remaining we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.

Runcorn case:

Mr and Mrs. R Roberts owned a garden apartment in Runcorn in October 2004. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Similar flats in Runcorn with an extended lease were worth £285,000. The mid-range ground rent payable was £55 collected quarterly. The lease elapsed in 2106. Taking into account 80 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including expenses.