Stop! Your Lease Extension in Cricklade Could Be FREE

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Many leaseholders in Cricklade 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 Cricklade 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 Cricklade lease extension

Why you should start your Cricklade lease extension today:

Increase your lease and increase your Cricklade property value

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

An extended lease has roughly the same value as a freehold

Leasehold residencies in Cricklade with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lenders may not issue a mortgage with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. As a number of flats in Cricklade were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

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.
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.
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 Cricklade lease extensions?

The conveyancers that we work with handle Cricklade 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 conveyancing solicitor we work with provide it.

Cricklade Lease Extension Case Studies:

Danielle, Cricklade, Wiltshire,

In the wake of 6 months of protracted negotiations with the landlord of her leasehold flat in Cricklade, Danielle started the lease extension process as the eighty year mark was quickly advancing. The lease extension was concluded in January 2013. The landlord’s charges were kept to an absolute minimum.

Cricklade case:

Mr and Mrs. R White owned a one bedroom apartment in Cricklade in September 2011. The dilemma was if we could estimate the premium would likely be for a 90 year lease extension. Comparable premises in Cricklade with a long lease were valued about £220,400. The mid-range amount of ground rent was £45 billed quarterly. The lease lapsed in 2090. Taking into account 64 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 exclusive of legals.

Cricklade case:

Last month we were contacted by Mr N Green , who took over the lease of a basement apartment in Cricklade in January 2002. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical properties in Cricklade with a long lease were worth £270,000. The average ground rent payable was £55 collected every twelve months. The lease lapsed in 2101. Considering the 75 years outstanding we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus fees.