Linton Lease Extension - Free Consultation

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Top reasons for Linton lease extension

Why you should commence your Linton lease extension today:

A Linton lease depreciates with the years remaining on the lease.

The value of Linton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold premises in Linton with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may not grant a mortgage on a short lease

Nearly all mortgage lenders require a lengthy amount of time left on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wanting to acquire your property in the future might well do, so if they are unable to secure a mortgage, then the financial worth of the property will likely suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

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.
Barclays plc Mortgage term plus 25 years provided that leases of less than 85 years are be referred to us for approval.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Santander 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
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Linton?

Lease extensions in Linton can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Linton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Linton Lease Extension Example Cases:

Seth, Linton, Leeds

In recent months Seth, started to get close to the eighty-year mark with the lease on his ground floor apartment in Linton. Having purchased his property two decades ago, the length of the lease was of little bearing. Thankfully, he noticed he needed to take action soon on Extending the lease. Seth was able to extend his lease just under the wire in June. Seth and the landlord subsequently settled on an amount of £5,500 . If the lease had fallen below eighty years, the premium would have gone up by at least £1,025.

Linton case:

In 2010 we were approached by Mr and Mrs. D Norbert who, having completed a one bedroom flat in Linton in September 1998. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical premises in Linton with a long lease were valued around £191,400. The mid-range ground rent payable was £55 invoiced per annum. The lease lapsed on 10 September 2076. Taking into account 54 years outstanding we approximated the premium to the freeholder for the lease extension to be between £34,200 and £39,600 exclusive of expenses.

Linton case:

Mrs Kirsty Díaz completed a first floor apartment in Linton in August 2004. The dilemma was if we could estimate the price would likely be to prolong the lease by 90 years. Comparable flats in Linton with a long lease were valued around £295,000. The average amount of ground rent was £45 invoiced annually. The lease lapsed in 2096. Having 74 years remaining we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.