Stop! Your Lease Extension in Rush Green Could Be FREE

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Many leaseholders in Rush Green 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 Rush Green 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 Rush Green lease extension

Main reasons to start your Rush Green lease extension today:

A Rush Green lease depreciates with the years remaining on the lease.

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

Rush Green property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Rush Green property being difficult to dispose of or refinance.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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.

Why use us for your lease extension in Rush Green?

The conveyancing solicitors that we work with procure Rush Green 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.

Rush Green Lease Extension Example Cases:

Jonathan, Rush Green, London,

Jonathan owned a studio apartment in Rush Green on the market with a lease of just over 59 years outstanding. Jonathan informally spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 yearly. No ground rent would be due on a lease extension were Jonathan to invoke his statutory right. Jonathan procured expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Rush Green case:

Last Christmas we were called by Dr Milo Martínez , who took over the lease of a ground floor flat in Rush Green in August 1998. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative premises in Rush Green with 100 year plus lease were worth £189,000. The mid-range ground rent payable was £55 invoiced per annum. The lease expiry date was in 2079. Having 53 years remaining we estimated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of expenses.

Decision in Havering

An example of a Lease Extension matter before the tribunal for a Rush Green premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired term was 57.5 years.