Stop! Your Lease Extension in Claydon Could Be FREE

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Many leaseholders in Claydon 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 Claydon 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 Claydon lease extension

Main reasons to start your Claydon lease extension today:

A Claydon leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Claydon. Inevitably, the length of lease remaining reduces as time goes by. This may pass by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Claydon have the right to extend the lease for an additional ninety years under statute. Please give careful consideration before delaying your Claydon lease extension. Putting off the cost now simply increases the price you will ultimately incur to extend your lease

Claydon property with a lease extension has roughly the same value as a freehold

Leasehold premises in Claydon with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions may not lend with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past lenders would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Lender Requirement
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
Royal Bank of Scotland Mortgage term plus 30 years.
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 Claydon?

Lease extensions in Claydon can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 procuring Claydon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Claydon Lease Extension Example Cases:

Aaron, Claydon, Suffolk

Last October Aaron, came perilously close to the 80-year mark with the lease on his two bedroom flat in Claydon. In buying his property two decades ago, the unexpired term was of little relevance. Thankfully, it dawned on him that he needed to take action soon on a lease extension. Aaron was able to extend his lease just ahead of time in March. Aaron and the freeholder via the management company in the end settled on an amount of £5,500 . If the lease had dropped below eighty years, the figure would have escalated by a minimum £1,075.

Claydon case:

Last Summer we were called by Dr T Thompson , who bought a studio apartment in Claydon in August 1999. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparable properties in Claydon with an extended lease were in the region of £285,000. The average ground rent payable was £45 billed per annum. The lease came to a finish in 2098. Given that there were 72 years remaining we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus professional charges.

Claydon case:

Dr Tyler Ricardo purchased a purpose-built flat in Claydon in April 1996. The question was if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Similar homes in Claydon with 100 year plus lease were worth £233,200. The average ground rent payable was £60 billed monthly. The lease ran out in 2087. Given that there were 61 years left we calculated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 exclusive of legals.