Stop! Your Lease Extension in Great Shelford Could Be FREE

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Many leaseholders in Great Shelford 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 Great Shelford 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 Great Shelford lease extension

Main reasons to commence your Great Shelford lease extension today:

Increase your lease and increase your Great Shelford property value

The closer a domestic lease in Great Shelford gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, beyond 99 years to run then this decrease may be negligible that being said there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease sooner than later. The majority of flat owners in Great Shelford will qualify for this right; however a conveyancer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not loan monies on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone wishing to acquire your property in the future might well do, so where they are unable to secure a mortgage, then the market price of your property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.

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

The lawyers that we work with undertake Great Shelford 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.

Great Shelford Lease Extension Example Cases:

Elizabeth, Great Shelford, Cambridgeshire,

Subsequent to lengthy correspondence with the landlord of her ground floor flat in Great Shelford, Elizabeth initiated the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The transaction was concluded in April 2008. The freeholder’s fees were restricted to a tad over 500 pounds.

Great Shelford case:

Dr E Smith purchased a purpose-built apartment in Great Shelford in February 2001. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparative homes in Great Shelford with a long lease were in the region of £246,800. The average amount of ground rent was £60 collected per annum. The lease terminated on 22 February 2076. Having 50 years as a residual term we estimated the premium to the landlord to extend the lease to be between £44,700 and £51,600 plus fees.

Great Shelford case:

In 2009 we were phoned by Dr William Roux who, having bought a first floor flat in Great Shelford in March 2012. The dilemma was if we could approximate the price could be for a 90 year lease extension. Identical flats in Great Shelford with a long lease were valued around £203,200. The mid-range ground rent payable was £65 billed monthly. The lease elapsed in 2087. Taking into account 61 years unexpired we approximated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 not including professional charges.