Stop! Your Lease Extension in Littleport Could Be FREE

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Many leaseholders in Littleport 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 Littleport 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 start your Littleport lease extension

Top reasons for lease extension now:

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

On the balance of probabilities if you own a flat in Littleport you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not loan monies on a short lease

Banks and building societies are really restricting their approach as regards to properties in Littleport with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the amount of prospective buyers.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
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.

What makes us experts in Littleport lease extensions?

Engaging our service gives you increased control over the value of your Littleport leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Littleport Lease Extension Case Summaries:

Hunter, Littleport, Cambridgeshire

14 months ago Hunter, came precariously close to the eighty-year mark with the lease on his studio flat in Littleport. In buying his property twenty years previously, the unexpired term was of no concern. Fortunately, he noticed he would imminently be paying an escalated premium for a lease extension. Hunter extended the lease at the eleventh hour in August. Hunter and the landlord who owned the flat above in the end settled on a premium of £5,500 . If he not met the deadline, the figure would have increased by a minimum £1,100.

Littleport case:

In 2014 we were approached by Dr Stephanie Torres who, having bought a one bedroom apartment in Littleport in May 1995. The dilemma was if we could approximate the price could be to extend the lease by a further 90 years. Identical homes in Littleport with a long lease were worth £181,600. The average amount of ground rent was £55 collected yearly. The lease concluded in 2078. Considering the 52 years remaining we estimated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of legals.

Littleport case:

In 2013 we were phoned by Mr and Mrs. T Martínez who, having purchased a garden apartment in Littleport in April 2003. The question was if we could estimate the premium could be to extend the lease by ninety years. Similar residencies in Littleport with an extended lease were valued about £285,000. The mid-range ground rent payable was £45 invoiced monthly. The lease expired on 11 November 2098. Taking into account 72 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.