Stop! Your Lease Extension in Glenfield Could Be FREE

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Many leaseholders in Glenfield 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 Glenfield 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 Glenfield lease extension

Main reasons to commence your Glenfield lease extension today:

Increase your lease and increase your Glenfield property value

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

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

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

Banks and building societies are inclined not grant a mortgage on short residential leases. You most probably encounter difficulties where you wish to sell your flat in Glenfield if the unexpired lease term is under the criteria set by the majority of banks and building societies. Different lenders have different requirements but generally theyrequire an unexpired term of at least 65 years.

Lender Requirement
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Glenfield?

Retaining our service gives you enhanced control over the value of your Glenfield leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Glenfield Lease Extension Example Cases:

Emma, Glenfield, Leicestershire,

In the wake of eight months of unsuccessful discussions with the freeholder of her first floor apartment in Glenfield, Emma commenced the lease extension process as the eighty year deadline was quickly nearing. The transaction was finalised in February 2008. The freeholder’s charges were kept to an absolute minimum.

Glenfield case:

Last Winter we were contacted by Dr A Smith , who was assigned a lease of a one bedroom apartment in Glenfield in August 2003. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical flats in Glenfield with a long lease were valued about £260,200. The average amount of ground rent was £65 billed annually. The lease finished in 2092. Having 66 years left we estimated the premium to the landlord for the lease extension to be between £15,200 and £17,600 plus fees.

Glenfield case:

Mr and Mrs. O Bonnet was assigned a lease of a garden apartment in Glenfield in June 2004. The question was if we could estimate the price could be to prolong the lease by 90 years. Similar residencies in Glenfield with a long lease were worth £198,800. The average ground rent payable was £55 collected yearly. The lease end date was in 2081. Given that there were 55 years outstanding we calculated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of fees.