Stop! Your Lease Extension in Crick Could Be FREE

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Many leaseholders in Crick 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 Crick 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 Crick lease extension

Why you should start your Crick lease extension today:

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

Unfortunately that a Crick residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Crick property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. If the number of years remaining falls under eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Crick will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the formalities.

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

Leasehold premises in Crick with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will be problematic as and when you need to market or refinance your property as it will be practically unmortgageable. You may have no imminent desire to sell but when you do your purchaser will have to hold off for two years before they can exercise the right to a a lease extension.

Lender Requirement
Accord Mortgages 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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages 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.
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.

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.

What makes us experts in Crick lease extensions?

Retaining our service will provide you enhanced control over the value of your Crick leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Crick Lease Extension Example Cases:

Natasha, Crick, Northamptonshire,

Off the back of unsuccessful negotiations with the landlord of her studio flat in Crick, Natasha initiated the lease extension process as the eighty year deadline was swiftly coming. The legal work was finalised in September 2015. The freeholder’s charges were kept to an absolute minimum.

Crick case:

Last Summer we were phoned by Ms O Howard , who moved into a first floor flat in Crick in September 2012. The dilemma was if we could estimate the premium would likely be for a 90 year lease extension. Comparable homes in Crick with a long lease were valued about £200,800. The average amount of ground rent was £65 billed yearly. The lease came to a finish in 2086. Given that there were 60 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of legals.

Crick case:

In 2009 we were approached by Dr P Norbert who, having completed a first floor flat in Crick in April 2009. The dilemma was if we could approximate the premium could be to extend the lease by 90 years. Comparative premises in Crick with an extended lease were in the region of £260,000. The mid-range ground rent payable was £50 billed annually. The lease ended on 5 June 2097. Given that there were 71 years unexpired we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.