Stop! Your Lease Extension in Grange Over Sands Could Be FREE

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Many leaseholders in Grange Over Sands 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 Grange Over Sands 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 Grange Over Sands lease extension

Top reasons for lease extension now:

A Grange Over Sands lease depreciates with the years remaining on the lease.

The market value of Grange Over Sands 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 materialy once the unexpired lease term is less than 80 years

Grange Over Sands property with a lease extension has roughly the same value as a freehold

Leasehold premises in Grange Over Sands with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to finance a property with a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Grange Over Sands property being difficult to dispose of or to obtain finance on.

Lender Requirement
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.
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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

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 Grange Over Sands lease extension solicitors or enfranchisement solicitors

Lease extensions in Grange Over Sands can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience dealing with Grange Over Sands lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Grange Over Sands Lease Extension Example Cases:

Isabel, Grange Over Sands, Cumbria,

Subsequent to unsuccessful discussions with the freeholder of her leasehold flat in Grange Over Sands, Isabel initiated the lease extension process just as the lease was nearing the critical eighty-year threshold. The lease extension completed in January 2012. The landlord’s costs were kept to an absolute minimum.

Grange Over Sands case:

In 2012 we were called by Ms Imogen Richardson who, having bought a purpose-built flat in Grange Over Sands in July 2007. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Similar premises in Grange Over Sands with an extended lease were worth £245,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease came to a finish in 2094. Having 68 years unexpired we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus costs.

Grange Over Sands case:

Dr J Gunderson owned a one bedroom apartment in Grange Over Sands in July 2009. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Identical flats in Grange Over Sands with an extended lease were worth £285,000. The mid-range amount of ground rent was £55 collected per annum. The lease ended on 8 October 2105. Taking into account 79 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of expenses.