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.

Top reasons for Clitheroe lease extension

Top reasons for lease extension now:

A Clitheroe lease depreciates with the years remaining on the lease.

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Clitheroe can extend the lease for a further ninety years under legislation. Please give careful consideration before delaying your Clitheroe lease extension. Putting off the costs now simply increases the price you will ultimately have to pay for a lease extension.

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage with a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are deemed to be unacceptable security.

Lender Requirement
Accord Mortgages
Birmingham Midshires
Chelsea Building Society
National Westminster Bank
Royal Bank of Scotland

Why use us for your lease extension in Clitheroe?

Regardless of whether you are a tenant or a freeholder in Clitheroe,the lease extension solicitors that we work with will always be willing 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 Studies:

Tia, Clitheroe, Lancashire,

After unsuccessful discussions with the freeholder of her studio flat in Clitheroe, Tia started the lease extension process just as her lease was nearing the critical 80-year deadline. The transaction completed in September 2009. The freeholder’s fees were negotiated to a tad over four hundred GBP.

Clitheroe case:

In 2014 we were called by Ms Harriet Harris who, having was assigned a lease of a ground floor apartment in Clitheroe in March 2005. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparable homes in Clitheroe with a long lease were valued about £250,000. The average ground rent payable was £50 collected yearly. The lease ended in 2096. Considering the 70 years outstanding we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.

Clitheroe case:

Mr and Mrs. D Nelson acquired a first floor apartment in Clitheroe in February 1996. We are asked if we could estimate the price could be to prolong the lease by an additional years. Identical properties in Clitheroe with an extended lease were valued about £246,800. The average amount of ground rent was £60 billed annually. The lease terminated in 2076. Considering the 50 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 exclusive of professional charges.