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.

The value of Littleport leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years in the future.

Lenders will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This may be problematic once you come to market or remortgage your flat as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your purchaser must wait 2 years before being able to start the legal procedures for an extension to the lease.

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.
Leeds Building Society 85 years remaining from the start 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.
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.

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

What makes us experts in Littleport lease extensions?

Lease extensions in Littleport can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Littleport lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Littleport Lease Extension Example Cases:

Amy, Littleport, Cambridgeshire,

In the wake of eight months of lengthy correspondence with the landlord of her basement flat in Littleport, Amy commenced the lease extension process just as her lease was nearing the all-important 80-year threshold. The legal work was concluded in September 2014. The freeholder’s costs were negotiated to under 500 pounds.

Littleport case:

Last Winter we were e-mailed by Ms Abbie White , who took over the lease of a studio flat in Littleport in June 2001. The question was if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Identical premises in Littleport with 100 year plus lease were in the region of £201,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease terminated on 19 October 2082. Considering the 56 years unexpired we calculated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of fees.

Littleport case:

Dr F Adams took over the lease of a first floor flat in Littleport in March 2008. The question was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Similar flats in Littleport with a long lease were valued about £300,000. The average ground rent payable was £50 billed per annum. The lease ended on 19 September 2102. Taking into account 76 years as a residual term we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.