Stop! Your Lease Extension in Crabtree Could Be FREE

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Many leaseholders in Crabtree 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 Crabtree 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 Crabtree lease extension

Top reasons for lease extension now:

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

The market value of Crabtree leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the unexpired lease term is below than eighty years

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to finance a property with a short lease

Banks and building societies are really clamping down as regards to homes in Crabtree with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

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.
Chelsea 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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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 Crabtree?

Using our service gives you increased control over the value of your Crabtree leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Crabtree Lease Extension Case Summaries:

Amelia, Crabtree, Devon,

After unsuccessful discussions with the freeholder of her basement flat in Crabtree, Amelia commenced the lease extension process just as the lease was approaching the all-important 80-year deadline. The legal work completed in November 2011. The freeholder’s charges were restricted to approximately five hundred GBP.

Crabtree case:

In 2011 we were e-mailed by Ms Louise Bonnet who, having moved into a first floor flat in Crabtree in March 2004. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Similar homes in Crabtree with 100 year plus lease were valued around £243,000. The average amount of ground rent was £65 collected per annum. The lease concluded in 2089. Taking into account 63 years unexpired we calculated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of legals.

Crabtree case:

Dr M Hernández bought a recently refurbished flat in Crabtree in September 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Comparative premises in Crabtree with 100 year plus lease were valued about £181,600. The mid-range ground rent payable was £55 invoiced yearly. The lease finished in 2078. Taking into account 52 years left we approximated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of costs.