Stop! Your Lease Extension in Limbury Could Be FREE

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Many leaseholders in Limbury 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 Limbury 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.

Why you should commence your Limbury lease extension

Main reasons to commence your Limbury lease extension today:

Increase your lease and increase your Limbury property value

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Limbury may extend the lease for a further 90 years in accordance with legislation. Please give careful consideration before delaying your Limbury lease extension. Postponing the costs today simply escalates the price you will ultimately be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold premises in Limbury with more than one hundred years remaining on the lease are often referred to as ‘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 maintenance charges justify it.

Lending institutions may decide not to issue a mortgage with a short lease

The propensity since the credit crunch has been for banks to tighten lending criteria across the board - this has extended to the property over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past lenders were content with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Godiva Mortgages 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.

Why use us for your lease extension in Limbury?

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

Limbury Lease Extension Case Summaries:

Emily, Limbury, Bedfordshire,

Subsequent to unsuccessful correspondence with the freeholder of her one bedroom flat in Limbury, Emily started the lease extension process as the 80 year mark was fast nearing. The legal work completed in July 2008. The landlord’s charges were negotiated to under 700 GBP.

Limbury case:

In 2012 we were e-mailed by Ms U Bertrand who, having bought a recently refurbished apartment in Limbury in February 2006. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparative residencies in Limbury with a long lease were in the region of £280,000. The mid-range amount of ground rent was £55 billed per annum. The lease finished in 2103. Considering the 77 years as a residual term we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including legals.

Limbury case:

Dr William Khan moved into a purpose-built flat in Limbury in March 2008. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable flats in Limbury with an extended lease were in the region of £183,600. The average ground rent payable was £65 invoiced annually. The lease ended in 2083. Having 57 years remaining we estimated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of costs.