Lanchester Lease Extension - Free Consultation

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Why you should start your Lanchester lease extension


Why you should start your Lanchester lease extension today:

Increase your lease and increase your Lanchester property value

On the balance of probabilities where you own a flat in Lanchester you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Lanchester with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders will not issue a mortgage with a short lease

Many mortgage companies will be unwilling to grant a mortgage on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your Lanchester property becoming difficult to sell or remortgage.

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.
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.
Yorkshire 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.

What makes us experts in Lanchester lease extensions?

Irrespective of whether you are a tenant or a freeholder in Lanchester,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 in-depth market knowledge and the close ties they enjoy with Lanchester valuers.

Lanchester Lease Extension Example Cases:

Dylan, Lanchester, County Durham,

Dylan was the the leasehold owner of a conversion apartment in Lanchester being sold with a lease of fraction over 59 years outstanding. Dylan on an informal basis contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Dylan to invoke his statutory right. Dylan obtained expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Lanchester case:

Last Spring we were e-mailed by Mr and Mrs. S Pérez , who bought a ground floor apartment in Lanchester in April 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparative residencies in Lanchester with a long lease were in the region of £193,400. The average ground rent payable was £65 collected per annum. The lease lapsed in 2081. Having 59 years remaining we approximated the premium to the landlord to extend the lease to be within £21,900 and £25,200 plus expenses.

Lanchester case:

Last Winter we were called by Mr and Mrs. O Díaz , who was assigned a lease of a garden flat in Lanchester in April 2008. The dilemma was if we could approximate the price would be for a 90 year extension to my lease. Comparable homes in Lanchester with a long lease were worth £250,000. The average amount of ground rent was £50 invoiced per annum. The lease finished on 3 May 2092. Given that there were 70 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.