Cranfield Lease Extension - Free Consultation

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Top reasons for Cranfield lease extension

Why you should commence your Cranfield lease extension today:

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

For anyone whose Cranfield home is held on a long lease, the message is clear – if you do nothing, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension.

Cranfield property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may not loan monies on a short lease

Lending institutions have set criteria when loaning monies secured on leasehold property. Some will simply refuse lend at all once the residual lease term goes beneath a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Cranfield home.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander 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
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

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.
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 Cranfield?

Lease extensions in Cranfield can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Cranfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cranfield Lease Extension Case Studies:

Arthur, Cranfield, Bedfordshire,

Arthur owned a 2 bedroom flat in Cranfield on the market with a lease of fraction over 61 years unexpired. Arthur on an informal basis contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 yearly. No ground rent would be due on a lease extension were Arthur to exercise his statutory right. Arthur obtained expert advice and secured an acceptable deal informally and sell the property.

Cranfield case:

Ms H Collins was assigned a lease of a recently refurbished apartment in Cranfield in March 2003. We are asked if we could approximate the premium would be for a 90 year lease extension. Identical premises in Cranfield with a long lease were valued around £264,000. The average ground rent payable was £60 collected monthly. The lease finished in 2077. Given that there were 53 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 not including costs.

Cranfield case:

Last Autumn we were e-mailed by Mrs R Stewart , who bought a one bedroom apartment in Cranfield in February 2004. The question was if we could estimate the price would be for a 90 year lease extension. Comparable residencies in Cranfield with a long lease were in the region of £225,400. The average amount of ground rent was £45 billed monthly. The lease finished on 26 June 2088. Given that there were 64 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £16,200 and £18,600 exclusive of legals.