Stop! Your Lease Extension in Leigh Could Be FREE

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Many leaseholders in Leigh 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 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.

Top reasons for Leigh lease extension

Why you should start your Leigh lease extension today:

Increase your lease and increase your Leigh property value

Leigh leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Leigh enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Leigh you should see if your lease has between seventy and 90 years remaining. There are good reasons why a Leigh leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to finance a property with a short lease

Banks and building societies do not like short residential leases. You are likely to experience difficulties if you want to sell your flat in Leigh if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different lenders have varying requirements but on the whole theyrequire an unexpired term of at least seventy years.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea 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.
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.

Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Leigh?

Retaining our service gives you better control over the value of your Leigh leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Leigh Lease Extension Case Studies:

Ellen, Leigh, Greater Manchester,

Off the back of protracted negotiations with the freeholder of her garden apartment in Leigh, Ellen initiated the lease extension process as the eighty year deadline was fast advancing. The transaction was finalised in September 2007. The landlord’s fees were kept to an absolute minimum.

Leigh case:

Mr F Gómez moved into a one bedroom flat in Leigh in August 1997. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Similar residencies in Leigh with 100 year plus lease were worth £189,000. The average amount of ground rent was £55 collected yearly. The lease concluded in 2079. Taking into account 53 years unexpired we approximated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus expenses.

Leigh case:

Dr Francesca Thompson was assigned a lease of a one bedroom flat in Leigh in February 2000. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Comparative properties in Leigh with a long lease were valued about £290,000. The average ground rent payable was £45 invoiced quarterly. The lease concluded on 14 April 2099. Taking into account 73 years left we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.