Stop! Your Lease Extension in Cirencester Could Be FREE

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Many leaseholders in Cirencester 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 Cirencester 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.

Why you should commence your Cirencester lease extension

Why you should commence your Cirencester lease extension today:

Increase your lease and increase your Cirencester property value

The value of Cirencester 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

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

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not loan monies with a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Given that many flats in Cirencester were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

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

What makes us experts in Cirencester lease extensions?

Irrespective of whether you are a tenant or a freeholder in Cirencester,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 Cirencester valuers.

Cirencester Lease Extension Case Studies:

Isabella, Cirencester, Gloucestershire,

After protracted correspondence with the landlord of her leasehold flat in Cirencester, Isabella commenced the lease extension process just as her lease was approaching the critical 80-year threshold. The legal work completed in February 2011. The freeholder’s costs were negotiated to under six hundred GBP.

Cirencester case:

Last February we were e-mailed by Mr and Mrs. S Green , who acquired a garden flat in Cirencester in May 1996. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Comparative properties in Cirencester with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 collected monthly. The lease concluded in 2097. Having 71 years remaining we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Cirencester case:

In 2012 we were e-mailed by Mr Joseph Leroy who, having took over the lease of a ground floor apartment in Cirencester in May 2012. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparable properties in Cirencester with 100 year plus lease were worth £254,200. The average ground rent payable was £60 billed annually. The lease elapsed in 2077. Given that there were 51 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £43,700 and £50,600 exclusive of professional charges.