Stop! Your Lease Extension in East Grinstead Could Be FREE

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Many leaseholders in East Grinstead 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 East Grinstead 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.

Main reasons to start your East Grinstead lease extension

Main reasons to start your East Grinstead lease extension today:

Increase your lease and increase your East Grinstead property value

On the balance of probabilities where you own a flat in East Grinstead you actually own a long leasehold interest over your property

An extended lease 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 90 years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to loan monies with a short lease

The trend since 2008 has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

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.
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.

Royal Bank of Scotland Mortgage term plus 30 years.
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 East Grinstead lease extensions?

Lease extensions in East Grinstead 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 in-depth market knowledge dealing with East Grinstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

East Grinstead Lease Extension Example Cases:

Samantha, East Grinstead, West Sussex,

Following lengthy correspondence with the landlord of her two bedroom flat in East Grinstead, Samantha commenced the lease extension process as the 80 year threshold was rapidly approaching. The legal work was concluded in April 2010. The landlord’s charges were kept to an absolute minimum.

East Grinstead case:

In 2011 we were contacted by Ms B Norbert who, having was assigned a lease of a one bedroom flat in East Grinstead in September 2002. The dilemma was if we could approximate the price would be to extend the lease by an additional years. Identical flats in East Grinstead with 100 year plus lease were in the region of £246,800. The mid-range amount of ground rent was £60 invoiced annually. The lease expiry date was on 10 January 2076. Considering the 50 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £44,700 and £51,600 exclusive of professional charges.

East Grinstead case:

Mr and Mrs. F Johnson took over the lease of a first floor flat in East Grinstead in February 2007. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative homes in East Grinstead with a long lease were valued about £203,200. The mid-range ground rent payable was £65 invoiced annually. The lease came to a finish on 12 January 2087. Considering the 61 years unexpired we estimated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of professional charges.