Stop! Your Lease Extension in Hunstanton Could Be FREE

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Many leaseholders in Hunstanton 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 Hunstanton 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 Hunstanton lease extension

Why you should commence your Hunstanton lease extension today:

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

The market value of Hunstanton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lenders may not loan monies with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are deemed to be deficient for lending purposes.

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.
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.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Hunstanton?

Irrespective of whether you are a tenant or a freeholder in Hunstanton,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 Hunstanton valuers.

Hunstanton Lease Extension Case Studies:

Lauren, Hunstanton, Norfolk,

Subsequent to lengthy correspondence with the freeholder of her basement flat in Hunstanton, Lauren commenced the lease extension process just as the lease was nearing the all-important 80-year mark. The lease extension completed in September 2006. The landlord’s costs were kept to an absolute minimum.

Hunstanton case:

In 2014 we were e-mailed by Mr and Mrs. N Bertrand who, having owned a basement apartment in Hunstanton in October 2012. The question was if we could estimate the price could be to extend the lease by an additional years. Comparable premises in Hunstanton with an extended lease were worth £210,000. The mid-range ground rent payable was £50 billed every twelve months. The lease end date was on 8 May 2106. Having 80 years unexpired we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including costs.

Hunstanton case:

Last Spring we were approach by Dr Amber Pérez , who moved into a studio flat in Hunstanton in June 2000. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical residencies in Hunstanton with an extended lease were valued about £280,000. The average ground rent payable was £45 collected per annum. The lease concluded on 8 July 2095. Considering the 69 years left we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.