Stop! Your Lease Extension in Eccleston Could Be FREE

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Many leaseholders in Eccleston 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 Eccleston 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 Eccleston lease extension

Main reasons to commence your Eccleston lease extension today:

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

Chances are that if you own a flat in Eccleston you actually own a long leasehold interest over your property

Eccleston property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may not loan monies on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are regarded as unacceptable for lending purposes.

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.
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.
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
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Eccleston lease extension solicitors or enfranchisement solicitors

Lease extensions in Eccleston can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in lease extensions.

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 procuring Eccleston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Eccleston Lease Extension Case Studies:

Millie, Eccleston, Merseyside,

Trailing unsuccessful correspondence with the freeholder of her one bedroom apartment in Eccleston, Millie started the lease extension process just as the lease was coming close to the critical 80-year deadline. The lease extension completed in November 2011. The freeholder’s costs were kept to an absolute minimum.

Eccleston case:

Mr and Mrs. M Smith took over the lease of a one bedroom flat in Eccleston in October 2009. The question was if we could estimate the premium would be to extend the lease by an additional years. Similar premises in Eccleston with a long lease were valued about £227,800. The average ground rent payable was £45 collected yearly. The lease ended in 2091. Having 65 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus expenses.

Eccleston case:

Last month we were contacted by Mrs Nicole Watson , who took over the lease of a purpose-built apartment in Eccleston in March 2010. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Similar flats in Eccleston with an extended lease were worth £275,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease elapsed on 22 January 2102. Having 76 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus fees.