Stop! Your Lease Extension in Leamington Spa Could Be FREE

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Many leaseholders in Leamington Spa 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 Leamington Spa 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 Leamington Spa lease extension

Top reasons for lease extension now:

A Leamington Spa lease depreciates with the years remaining on the lease.

The value of Leamington Spa leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to finance a property with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This will cause difficulties when you come to dispose of or refinance your flat as it will be practically unmortgageable. You might have no immediate plan to sell but when you do your buyer must wait 2 years before they can exercise the right to a a lease extension.

Lender Requirement
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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

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.
 


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
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before 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 Leamington Spa lease extensions?

Regardless of whether you are a tenant or a freeholder in Leamington Spa,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Leamington Spa valuers.

Leamington Spa Lease Extension Example Cases:

Natalie, Leamington Spa, Warwickshire,

Following protracted discussions with the freeholder of her ground floor apartment in Leamington Spa, Natalie commenced the lease extension process as the eighty year deadline was swiftly coming. The legal work was finalised in February 2011. The freeholder’s costs were kept to an absolute minimum.

Leamington Spa case:

In 2013 we were approached by Mrs U Kelly who, having was assigned a lease of a recently refurbished flat in Leamington Spa in June 1999. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparable properties in Leamington Spa with 100 year plus lease were worth £218,000. The average amount of ground rent was £45 invoiced quarterly. The lease terminated on 6 June 2089. Taking into account 63 years left we estimated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 exclusive of costs.

Leamington Spa case:

In 2010 we were called by Mr and Mrs. O Anderson who, having was assigned a lease of a basement apartment in Leamington Spa in January 2005. The dilemma was if we could estimate the price would be for a 90 year lease extension. Comparative residencies in Leamington Spa with 100 year plus lease were valued around £265,000. The average ground rent payable was £50 invoiced quarterly. The lease ran out in 2100. Having 74 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.