Stop! Your Lease Extension in Felixstowe Could Be FREE

Get a Free Case Review
Many leaseholders in Felixstowe 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 Felixstowe 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 start your Felixstowe lease extension

Why you should start your Felixstowe lease extension today:

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

For anyone whose Felixstowe property is held on a long lease, the message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not finance a property on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This may be problematic once you wish to sell or refinance your property as it will be effectively unmortgageable. Even though you might have no imminent intention to sell but when you do your purchaser must hold off for two years before they can exercise the right to a an extension to the lease.

Lender Requirement
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.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

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

The conveyancers that we work with procure Felixstowe 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 lawyer we work with provide it.

Felixstowe Lease Extension Example Cases:

Amy, Felixstowe, Suffolk,

Off the back of lengthy discussions with the freeholder of her one bedroom flat in Felixstowe, Amy initiated the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The lease extension completed in September 2008. The landlord’s fees were restricted to below 450 GBP.

Felixstowe case:

In 2011 we were approached by Ms N Williams who, having took over the lease of a studio apartment in Felixstowe in August 1996. The question was if we could estimate the price would be for a ninety year extension to my lease. Comparable premises in Felixstowe with 100 year plus lease were valued about £216,000. The average amount of ground rent was £60 billed yearly. The lease elapsed in 2084. Having 58 years remaining we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus expenses.

Felixstowe case:

Last Spring we were approach by Dr Archie Michel , who took over the lease of a garden flat in Felixstowe in January 1996. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar properties in Felixstowe with 100 year plus lease were in the region of £200,000. The average ground rent payable was £50 invoiced yearly. The lease ran out in 2104. Given that there were 78 years unexpired we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus legals.