Stop! Your Lease Extension in Colsterworth Could Be FREE

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Many leaseholders in Colsterworth 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 Colsterworth 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 Colsterworth lease extension

Main reasons to commence your Colsterworth lease extension today:

Increase your lease and increase your Colsterworth property value

On the balance of probabilities if you own a flat in Colsterworth you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not loan monies on a short lease

Mortgage lenders have specific criteria when lending monies secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term slips lower than a certain unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than seventy years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your Colsterworth home.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

Get in touch with one of our Colsterworth lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with procure Colsterworth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Colsterworth Lease Extension Example Cases:

Ellen, Colsterworth, Lincolnshire,

After unsuccessful correspondence with the landlord of her one bedroom apartment in Colsterworth, Ellen initiated the lease extension process just as her lease was nearing the crucial eighty-year mark. The legal work was concluded in September 2006. The freeholder’s fees were kept to an absolute minimum.

Colsterworth case:

In 2012 we were phoned by Dr Alexandra Brooks who, having owned a ground floor flat in Colsterworth in August 2005. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Identical flats in Colsterworth with a long lease were worth £225,800. The average amount of ground rent was £60 collected monthly. The lease expired on 28 May 2086. Having 60 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 plus professional charges.

Colsterworth case:

Dr Alexandra Walker purchased a ground floor flat in Colsterworth in September 2004. We are asked if we could approximate the premium would be to prolong the lease by ninety years. Similar homes in Colsterworth with a long lease were worth £210,000. The average amount of ground rent was £50 invoiced monthly. The lease concluded in 2106. Given that there were 80 years left we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including expenses.