Stop! Your Lease Extension in Knutsford Could Be FREE

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Many leaseholders in Knutsford 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 Knutsford 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 start your Knutsford lease extension

Top reasons for lease extension now:

A Knutsford leasehold property depreciates with the years remaining on the lease.

Knutsford leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Most owners of residential leasehold property in Knutsford enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Knutsford you must check if your lease has between seventy and ninety years remaining. There are good reasons why a Knutsford flat owner with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay

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

Leasehold residencies in Knutsford with more than one hundred 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 purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions will not lend with a short lease

Most banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is probable that someone intending to buy your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the market price of the property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to accept

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Santander 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
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

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.
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 Knutsford?

Regardless of whether you are a tenant or a landlord in Knutsford,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 Knutsford valuers.

Knutsford Lease Extension Case Summaries:

Oscar, Knutsford, Cheshire

In recent months Oscar, started to get close to the 80-year mark with the lease on his studio flat in Knutsford. In buying his home two decades ago, the length of the lease was of little bearing. Luckily, he realised he needed to take action soon on a lease extension. Oscar was able to extend his lease just under the wire last August. Oscar and the landlord in the end settled on an amount of £6,000 . If the lease had slipped below eighty years, the price would have escalated by a minimum £875.

Knutsford case:

Last Spring we were phoned by Mrs B Morel , who owned a studio flat in Knutsford in October 2011. We are asked if we could estimate the premium could be to prolong the lease by ninety years. Comparative premises in Knutsford with 100 year plus lease were valued about £245,000. The average ground rent payable was £50 collected every twelve months. The lease expired in 2094. Given that there were 68 years left we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.

Knutsford case:

In 2012 we were e-mailed by Dr C Leroy who, having took over the lease of a first floor flat in Knutsford in April 2008. We are asked if we could estimate the premium would be to extend the lease by an additional years. Comparative residencies in Knutsford with a long lease were valued about £285,000. The average amount of ground rent was £55 billed monthly. The lease lapsed in 2105. Considering the 79 years left we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus legals.