Littleport Lease Extension - Free Consultation

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Why you should start your Littleport lease extension


Top reasons for lease extension now:

Increase your lease and increase your Littleport property value

When it comes to long leasehold premises in Littleport, you are actually purchasing an entitlement to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are less than eighty years remaining. Residents in Littleport with a lease drawing near to 81 years remaining should seriously consider extending it sooner as opposed to later. When the lease term has fewer than 80 years outstanding, under the current statute the freeholder can calculate and charge a larger premium, based on a technical multiplication, known as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

Leasehold properties in Littleport with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions will not issue a mortgage with a short lease

Lenders are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years remaining at the end of the mortgage. As plenty of flats in Littleport were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.

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

The conveyancing solicitors that we work with undertake Littleport 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.

Littleport Lease Extension Case Summaries:

Lily, Littleport, Cambridgeshire,

Off the back of lengthy discussions with the landlord of her first floor apartment in Littleport, Lily commenced the lease extension process just as the lease was nearing the all-important 80-year deadline. The legal work was concluded in February 2012. The landlord’s costs were negotiated to approximately five hundred pounds.

Littleport case:

In 2014 we were phoned by Dr N Thompson who, having purchased a first floor flat in Littleport in August 2001. The dilemma was if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Comparable homes in Littleport with an extended lease were in the region of £248,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease expired in 2086. Given that there were 63 years unexpired we calculated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus fees.

Littleport case:

Ms M Brown was assigned a lease of a studio apartment in Littleport in April 2010. We are asked if we could approximate the premium could be to prolong the lease by a further 90 years. Comparable premises in Littleport with a long lease were valued around £181,600. The mid-range amount of ground rent was £55 invoiced monthly. The lease expired on 7 August 2075. Given that there were 52 years outstanding we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of fees.