Stop! Your Lease Extension in Cotham Could Be FREE

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Many leaseholders in Cotham 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 Cotham 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 Cotham lease extension

Main reasons to start your Cotham lease extension today:

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

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

An extended lease is almost the same value as a freehold

Leasehold properties in Cotham with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies will not lend on a short lease

Banks and building societies do not grant a mortgage on short residential leases. You are likely to experience difficulties if you want to sell your flat in Cotham if the unexpired lease term is under the criteria set by the majority of lenders. Different lenders have varying criteria but on the whole theyrequire an unexpired term of at least 65 years.

Lender Requirement
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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 Cotham?

The conveyancers that we work with undertake Cotham 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 conveyancer we work with provide it.

Cotham Lease Extension Case Studies:

Gemma, Cotham, Bristol,

Trailing unsuccessful negotiations with the freeholder of her two bedroom flat in Cotham, Gemma started the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The transaction was finalised in October 2011. The freeholder’s fees were kept to an absolute minimum.

Cotham case:

Last Spring we were approach by Ms N Carter , who completed a one bedroom flat in Cotham in July 2004. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical homes in Cotham with an extended lease were in the region of £255,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease came to a finish on 14 February 2096. Considering the 70 years left we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.

Cotham case:

Mrs Alisha Wright bought a garden apartment in Cotham in August 1998. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Identical flats in Cotham with 100 year plus lease were worth £246,800. The mid-range ground rent payable was £60 collected yearly. The lease ran out on 27 June 2076. Having 50 years unexpired we calculated the compensation to the landlord to extend the lease to be between £44,700 and £51,600 not including legals.