Stop! Your Lease Extension in Clacton On Sea Could Be FREE

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Many leaseholders in Clacton On Sea 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 Clacton On Sea 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 start your Clacton On Sea lease extension

Top reasons for lease extension now:

A Clacton On Sea lease depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Clacton On Sea may extend the lease for a further ninety years in accordance with legislation. Do give careful consideration before delaying your Clacton On Sea lease extension. Putting off the costs today simply increases the premium you will eventually be required to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage on a short lease

The trend since over the last decade has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past mortgage companies were content with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

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.
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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Clacton On Sea lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Clacton On Sea,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Clacton On Sea valuers.

Clacton On Sea Lease Extension Example Cases:

Erin, Clacton On Sea, Essex,

Subsequent to protracted discussions with the freeholder of her ground floor flat in Clacton On Sea, Erin initiated the lease extension process just as the lease was coming close to the critical eighty-year deadline. The lease extension completed in June 2015. The freeholder’s charges were kept to an absolute minimum.

Clacton On Sea case:

Mr and Mrs. B Pérez completed a studio flat in Clacton On Sea in May 2012. The dilemma was if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparable properties in Clacton On Sea with an extended lease were valued about £210,600. The mid-range amount of ground rent was £45 collected every twelve months. The lease terminated on 5 August 2088. Having 62 years outstanding we estimated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of professional charges.

Clacton On Sea case:

Dr Poppy Green was assigned a lease of a recently refurbished apartment in Clacton On Sea in October 2012. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparative homes in Clacton On Sea with 100 year plus lease were in the region of £265,000. The average amount of ground rent was £50 invoiced monthly. The lease ended on 3 January 2099. Considering the 73 years left we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.