Stop! Your Lease Extension in St Neots Could Be FREE

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Many leaseholders in St Neots 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 St Neots 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 St Neots lease extension

Why you should start your St Neots lease extension today:

Increase your lease and increase your St Neots property value

Chances are that where you own a flat in St Neots 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 property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.

Lenders will not issue a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This will be problematic once you come to market or remortgage your property as it will be effectively unmortgageable. You may not have an immediate desire to sell but when you do your buyer must hold off for a couple of years before they can exercise the right to a an extension to the lease.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
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.
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.

What makes us experts in St Neots lease extensions?

Lease extensions in St Neots can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer with experience in lease extensions.

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.

St Neots Lease Extension Example Cases:

Alice, St Neots, Cambridgeshire,

Subsequent to protracted negotiations with the landlord of her first floor apartment in St Neots, Alice started the lease extension process just as the lease was nearing the critical 80-year threshold. The legal work was finalised in October 2007. The freeholder’s costs were kept to an absolute minimum.

St Neots case:

Ms Isabel Wright bought a basement apartment in St Neots in April 2000. The question was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparable homes in St Neots with an extended lease were worth £254,200. The average amount of ground rent was £60 billed monthly. The lease ran out on 9 September 2077. Considering the 51 years left we approximated the premium to the landlord for the lease extension to be within £43,700 and £50,600 exclusive of fees.

St Neots case:

Ms Chloe Lee purchased a newly refurbished flat in St Neots in January 2004. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar flats in St Neots with a long lease were worth £210,600. The average amount of ground rent was £45 invoiced per annum. The lease lapsed in 2088. Considering the 62 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £18,100 and £20,800 not including fees.