Stop! Your Lease Extension in East Preston Could Be FREE

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Many leaseholders in East Preston 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 Preston 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 commence your East Preston lease extension

Why you should start your East Preston lease extension today:

A East Preston lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in East Preston. Inevitably, the length of lease remaining shortens over time. This may pass by relatively unnoticed when the property needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension. Eligible leaseholders in East Preston have the right to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. You should give due attention before delaying your East Preston lease extension. Putting off that expense now only increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold premises in East Preston with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may not grant a mortgage with a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Even if you don't need a mortgage, you should be conscious that it is probable that someone wishing to acquire your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the market price of your property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
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.

What makes us experts in East Preston lease extensions?

Using our service will provide you enhanced control over the value of your East Preston leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

East Preston Lease Extension Example Cases:

Hannah, East Preston, West Sussex,

In the wake of 6 months of protracted negotiations with the landlord of her one bedroom flat in East Preston, Hannah started the lease extension process just as her lease was nearing the all-important 80-year deadline. The legal work was concluded in September 2006. The freeholder’s fees were restricted to under 450 GBP.

East Preston case:

Mr and Mrs. F Kelly bought a ground floor apartment in East Preston in January 2012. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Comparable residencies in East Preston with an extended lease were valued around £168,800. The mid-range ground rent payable was £60 invoiced quarterly. The lease came to a finish in 2081. Given that there were 55 years outstanding we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus professional charges.

East Preston case:

In 2014 we were contacted by Mr Michael Walker who, having owned a one bedroom apartment in East Preston in September 2009. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable homes in East Preston with 100 year plus lease were worth £235,200. The average ground rent payable was £45 collected monthly. The lease end date was on 13 April 2092. Considering the 66 years remaining we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of fees.