Stop! Your Lease Extension in Leigh On Sea Could Be FREE

Get a Free Case Review
Many leaseholders in Leigh On Sea 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 Leigh On Sea 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 Leigh On Sea lease extension

Main reasons to start your Leigh On Sea lease extension today:

Increase your lease and increase your Leigh On Sea property value

Leigh On Sea residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of 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 roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not loan monies on a short lease

The trend since 2008 has been for lenders to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be charged. This has meant the unexpired lease term required by banks has increased. In the past lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away 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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Get in touch with one of our Leigh On Sea lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle Leigh On Sea lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Leigh On Sea Lease Extension Case Studies:

Laura, Leigh On Sea, Essex,

After unsuccessful negotiations with the landlord of her basement apartment in Leigh On Sea, Laura commenced the lease extension process as the eighty year mark was fast coming. The legal work completed in October 2008. The freeholder’s charges were restricted to approximately six hundred GBP.

Leigh On Sea case:

Last Christmas we were contacted by Dr S Adams , who bought a ground floor flat in Leigh On Sea in August 2005. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative residencies in Leigh On Sea with an extended lease were in the region of £270,000. The average amount of ground rent was £55 billed monthly. The lease end date was in 2102. Given that there were 76 years unexpired we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.

Leigh On Sea case:

Last month we were approach by Dr Noah Clarke , who acquired a garden flat in Leigh On Sea in May 2008. The question was if we could estimate the price could be for a 90 year extension to my lease. Comparable homes in Leigh On Sea with 100 year plus lease were worth £173,800. The average amount of ground rent was £65 invoiced quarterly. The lease lapsed on 16 November 2081. Considering the 55 years outstanding we approximated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of professional charges.