Main reasons to commence your St Neots lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/st-neots">St Neots</a> lease depreciates with the years remaining on the lease.
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<p> The value of St Neots leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the remaining term is less than 80 years
<h4>An extended lease is almost the same value as a freehold</h4>
<p> It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.
<h4>Lenders will not finance a property with a short lease</h4> Mortgage companies are making their criteria more stringent and many now want flats to have at least sixty if not seventy years left once the mortgage has expired. As a number of flats in St Neots were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.
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<tr><th>Lender</th>
<th> Requirement
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<td>Accord Mortgages</td>
<td> 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.
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Coventry Building Society</td>
<td> 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.
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<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<h4> Get in touch with one of our St Neots lease extension solicitors or enfranchisement solicitors
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Lease extensions in St Neots can be a difficult process. We recommend you secure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.
<p>We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with St Neots lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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St Neots Lease Extension Example Cases:
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<h5> Rachel, St Neots, Cambridgeshire,</h5>
<p> Subsequent to unsuccessful correspondence with the freeholder of her two bedroom flat in St Neots, Rachel initiated the lease extension process as the eighty year deadline was quickly approaching. The lease extension was finalised in July 2012. The freeholder’s fees were kept to an absolute minimum.
<h5>St Neots case:</h5>
<p> Mr Jake Carter took over the lease of a basement flat in St Neots in April 2002. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by ninety years. Comparable homes in St Neots with an extended lease were valued around £193,400. The mid-range ground rent payable was £65 billed per annum. The lease ran out in 2085. Taking into account 59 years outstanding we approximated the premium to the landlord to extend the lease to be within £21,900 and £25,200 plus professional charges.
<h5>St Neots case:</h5>
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Last Summer we were phoned by Mr Adam Dupont , who
bought a basement apartment in St Neots in September 1996. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar residencies in St Neots with an extended lease were valued around £255,000. The mid-range amount of ground rent was £50 billed quarterly. The lease concluded in 2096. Taking into account 70 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £10,500 and £12,000 not including expenses.
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