Stop! Your Lease Extension in Fleet Could Be FREE

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Many leaseholders in Fleet 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 Fleet 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 Fleet lease extension

Top reasons for lease extension now:

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

The market value of Fleet leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Mortgage Lenders differ in their lending requirements. Some set the bar at seventy five years outstanding on the lease; others may be content with anything over seventy years. Below sixty years, it may be impossible to obtain a mortgage in the first place.

Lender Requirement
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.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.

What makes us experts in Fleet lease extensions?

Regardless of whether you are a tenant or a landlord in Fleet,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Fleet valuers.

Fleet Lease Extension Case Summaries:

Bethan, Fleet, Hampshire,

Off the back of lengthy correspondence with the freeholder of her ground floor flat in Fleet, Bethan started the lease extension process just as her lease was coming close to the critical 80-year mark. The transaction was finalised in August 2014. The landlord’s fees were restricted to about 700 pounds.

Fleet case:

In 2009 we were called by Mrs D Murphy who, having purchased a basement apartment in Fleet in August 1999. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparable premises in Fleet with an extended lease were valued about £205,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease terminated on 18 January 2104. Considering the 78 years outstanding we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including fees.

Fleet case:

Mr and Mrs. Y Bennett took over the lease of a one bedroom flat in Fleet in November 2001. The question was if we could approximate the price would likely be to extend the lease by 90 years. Similar flats in Fleet with a long lease were worth £267,600. The mid-range ground rent payable was £65 invoiced yearly. The lease lapsed in 2093. Taking into account 67 years left we calculated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of professional charges.