Stop! Your Lease Extension in Launceston Could Be FREE

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Many leaseholders in Launceston 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 Launceston 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 commence your Launceston lease extension

Main reasons to start your Launceston lease extension today:

Increase your lease and increase your Launceston property value

Launceston leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Launceston enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Launceston you should see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Launceston leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is put in place without delay

Launceston property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may not lend on a short lease

The trend since 2008 has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders would grant a mortgage on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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.
Birmingham Midshires 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.
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 Launceston lease extensions?

Regardless of whether you are a tenant or a landlord in Launceston,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Launceston valuers.

Launceston Lease Extension Example Cases:

Rosie, Launceston, Cornwall,

Subsequent to protracted correspondence with the landlord of her purpose-built flat in Launceston, Rosie initiated the lease extension process as the 80 year deadline was swiftly approaching. The legal work was concluded in June 2009. The freeholder’s costs were kept to an absolute minimum.

Launceston case:

In 2011 we were phoned by Mr and Mrs. K Leroy who, having completed a basement apartment in Launceston in August 2006. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Similar premises in Launceston with a long lease were valued around £210,000. The mid-range ground rent payable was £50 collected monthly. The lease elapsed on 5 October 2106. Considering the 80 years remaining we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.

Launceston case:

Last Christmas we were approach by Mr and Mrs. L Ricardo , who took over the lease of a newly refurbished apartment in Launceston in September 2000. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative flats in Launceston with an extended lease were worth £275,000. The mid-range ground rent payable was £45 collected quarterly. The lease came to a finish in 2095. Taking into account 69 years outstanding we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including costs.