Stop! Your Lease Extension in Lickey End Could Be FREE

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Many leaseholders in Lickey End 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 Lickey End 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 Lickey End lease extension

Top reasons for lease extension now:

Increase your lease and increase your Lickey End property value

Chances are that where you own a flat in Lickey End you actually own a long leasehold interest over your property

Lickey End property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 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 unexpired, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not issue a mortgage on a short lease

Many banks and building societies insist on a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so if they are not able to get a mortgage, then the value of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to lend on

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.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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.

Get in touch with one of our Lickey End lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Lickey End,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 in-depth market knowledge and the close ties they enjoy with Lickey End valuers.

Lickey End Lease Extension Example Cases:

Evan, Lickey End, Worcestershire

In recent months Evan, came precariously near to the 80-year mark with the lease on his garden flat in Lickey End. In buying his flat twenty years ago, the lease term was of minimal concern. Fortunately, it dawned on him that he needed to take steps soon on Extending the lease. Evan was able to extend his lease at the eleventh hour in July. Evan and the freeholder via the managing agents ultimately agreed on sum of £5,500 . If he had missed the deadline, the figure would have become more exhorbitant by a minimum £875.

Lickey End case:

Ms Sarah Ricardo purchased a one bedroom flat in Lickey End in January 2007. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Identical homes in Lickey End with a long lease were worth £189,000. The average ground rent payable was £55 collected per annum. The lease ran out on 7 September 2079. Given that there were 53 years outstanding we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including costs.

Lickey End case:

Dr Rory Carter moved into a recently refurbished flat in Lickey End in February 2008. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparable properties in Lickey End with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £45 collected per annum. The lease came to a finish on 26 May 2099. Having 73 years unexpired we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.