Stop! Your Lease Extension in Gloucester Could Be FREE

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Many leaseholders in Gloucester 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 Gloucester 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 commence your Gloucester lease extension

Main reasons to commence your Gloucester lease extension today:

Increase your lease and increase your Gloucester property value

Gloucester residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

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

Leasehold residencies in Gloucester with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not loan monies on a short lease

The trend since the credit crunch has been for banks to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by banks has increased. In the past mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

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.
Leeds Building Society 85 years remaining from the start of the mortgage.
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.

What makes us experts in Gloucester lease extensions?

Irrespective of whether you are a tenant or a landlord in Gloucester,the lease extension solicitors 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 Gloucester valuers.

Gloucester Lease Extension Example Cases:

Nathaniel, Gloucester, Gloucestershire

Half a year ago Nathaniel, started to get near to the eighty-year mark with the lease on his purpose- built flat in Gloucester. Having purchased his flat 18 years ago, the unexpired term was of minimal bearing. Luckily, it dawned on him that he needed to take steps soon on a lease extension. Nathaniel extended the lease just ahead of time last June. Nathaniel and the freeholder via the management company in the end agreed on a premium of £6,000 . If the lease had fallen lower than 80 years, the price would have become more exhorbitant by a minimum £1,150.

Gloucester case:

Mr Jasper Lee was assigned a lease of a ground floor apartment in Gloucester in September 2008. We are asked if we could estimate the price could be for a 90 year extension to my lease. Similar flats in Gloucester with 100 year plus lease were worth £270,000. The average ground rent payable was £65 invoiced every twelve months. The lease termination date was in 2094. Considering the 68 years left we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including fees.

Gloucester case:

Last Winter we were phoned by Mr and Mrs. I Sánchez , who was assigned a lease of a garden flat in Gloucester in April 1999. The question was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable properties in Gloucester with 100 year plus lease were worth £208,600. The mid-range ground rent payable was £60 billed monthly. The lease ran out in 2083. Taking into account 57 years left we estimated the premium to the landlord to extend the lease to be between £30,400 and £35,200 plus costs.