Stop! Your Lease Extension in Creekmouth Could Be FREE

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Many leaseholders in Creekmouth 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 Creekmouth 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 Creekmouth lease extension

Top reasons for lease extension now:

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

The value of Creekmouth 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 increase significantly once the unexpired lease term is less than 80 years

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

It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wishing to purchase your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of your property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
Bank of Scotland 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.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
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 Creekmouth lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Creekmouth,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Creekmouth valuers.

Creekmouth Lease Extension Case Summaries:

Felix, Creekmouth, London,

Felix owned a studio apartment in Creekmouth on the market with a lease of a little over 61 years unexpired. Felix informally approached his landlord being a well known London-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Felix to exercise his statutory right. Felix obtained expert legal guidance and secured an acceptable resolution without going to tribunal and ending up with a market value flat.

Creekmouth case:

In 2013 we were e-mailed by Mr E Clarke who, having moved into a garden flat in Creekmouth in March 2004. The question was if we could estimate the premium would be for a ninety year lease extension. Comparative premises in Creekmouth with 100 year plus lease were worth £235,200. The mid-range amount of ground rent was £45 billed per annum. The lease expired on 7 August 2092. Given that there were 66 years as a residual term we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of expenses.

Decision in Newham

An example of a Lease Extension matter before the tribunal for a Creekmouth premises is 46 Credon Road in January 2014. On 11 September 2013 Deputy District Judge Price sitting at the Bow County Court made a vesting order that the freeholder surrender his lease and be granted a new lease of the Premises on such terms as may be determined by the First Tier Tribunal (Property Chamber).The appropriate sum as concluded by the Tribunal was £7225 This case related to 1 flat. The unexpired term as at the valuation date was 69.77 years.