Stop! Your Lease Extension in Leyland Could Be FREE

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Many leaseholders in Leyland 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 Leyland 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 Leyland lease extension

Main reasons to commence your Leyland lease extension today:

Increase your lease and increase your Leyland property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Leyland. Inevitably, the period of lease left reduces over time. This is often overlooked and only raises itself as an issue when the residence has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Eligible leaseholders in Leyland have the legal entitlement to extend the lease for an additional 90 years in accordance with statute. Please give careful deliberation before putting off your Leyland lease extension. Holding off the cost now simply increases the price you will eventually incur to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold residencies in Leyland with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies will not grant a mortgage on a short lease

Banks and building societies do not like short residential leases. You are likely to experience problems where you want to sell your flat in Leyland if the remaining term of your lease is below the criteria set by most banks and building societies. Different mortgage companies have different criteria but generally they are looking for an unexpired term of at least 65 years.

Lender Requirement
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.
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
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.

Why use us for your lease extension in Leyland?

The lawyers that we work with undertake Leyland 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 conveyancing solicitor we work with provide it.

Leyland Lease Extension Example Cases:

Isabelle, Leyland, Lancashire,

In the wake of 6 months of lengthy discussions with the landlord of her garden apartment in Leyland, Isabelle commenced the lease extension process as the eighty year mark was quickly approaching. The lease extension completed in October 2006. The landlord’s costs were kept to an absolute minimum.

Leyland case:

Mr B Flores purchased a purpose-built apartment in Leyland in September 2008. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Comparable premises in Leyland with a long lease were worth £191,400. The average ground rent payable was £55 invoiced yearly. The lease ended in 2080. Given that there were 54 years remaining we estimated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 plus professional charges.

Leyland case:

Dr Natasha Rogers took over the lease of a first floor apartment in Leyland in March 2003. The question was if we could estimate the price would be for a 90 year lease extension. Comparative premises in Leyland with 100 year plus lease were valued around £295,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease came to a finish in 2100. Taking into account 74 years remaining we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.