Stop! Your Lease Extension in Clitheroe Could Be FREE

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Many leaseholders in Clitheroe 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 Clitheroe 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 Clitheroe lease extension

Main reasons to commence your Clitheroe lease extension today:

Increase your lease and increase your Clitheroe property value

Chances are that where you own a flat in Clitheroe you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Clitheroe with more than 100 years unexpired 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not issue a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time left on any leasehold property before they will contemplate lending on it. Regardless of whether you need a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to buy your property in the future might well do, so where they are not able to secure a mortgage, then the financial worth of the property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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 Clitheroe?

Regardless of whether you are a tenant or a landlord in Clitheroe,the lease extension lawyers 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 Clitheroe valuers.

Clitheroe Lease Extension Case Summaries:

Leah, Clitheroe, Lancashire,

After unsuccessful correspondence with the freeholder of her one bedroom flat in Clitheroe, Leah commenced the lease extension process just as her lease was coming close to the all-important eighty-year mark. The legal work was finalised in April 2008. The landlord’s costs were kept to an absolute minimum.

Clitheroe case:

Ms Eleanor Gómez was assigned a lease of a garden flat in Clitheroe in April 2011. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparative flats in Clitheroe with an extended lease were in the region of £218,000. The average amount of ground rent was £45 collected yearly. The lease finished on 17 September 2089. Taking into account 63 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 plus costs.

Clitheroe case:

Last August we were e-mailed by Mrs Lauren Martinez , who acquired a purpose-built flat in Clitheroe in May 2009. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Clitheroe with a long lease were valued around £265,000. The average amount of ground rent was £50 billed every twelve months. The lease finished in 2100. Taking into account 74 years as a residual term we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.