Stop! Your Lease Extension in Long Itchington Could Be FREE

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Many leaseholders in Long Itchington 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 Long Itchington 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.

Main reasons to start your Long Itchington lease extension

Why you should commence your Long Itchington lease extension today:

Increase your lease and increase your Long Itchington property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Long Itchington. Clearly, the period of lease left shortens as time goes by. This may slip by relatively unnoticed when the property has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying leaseholders in Long Itchington have the right to extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. Do give due consideration before delaying your Long Itchington lease extension. Putting off that expense now simply increases the price you will eventually incur to extend your lease

Long Itchington property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to loan monies on a short lease

The propensity since 2008 has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically mortgage companies would lend on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date 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.

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.

Why use us for your lease extension in Long Itchington?

Regardless of whether you are a tenant or a landlord in Long Itchington,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Long Itchington valuers.

Long Itchington Lease Extension Case Summaries:

Jennifer, Long Itchington, Warwickshire,

Trailing protracted negotiations with the landlord of her two bedroom apartment in Long Itchington, Jennifer started the lease extension process just as her lease was nearing the all-important 80-year deadline. The lease extension was concluded in January 2013. The freeholder’s charges were negotiated to below 650 pounds.

Long Itchington case:

Dr R Reed completed a one bedroom apartment in Long Itchington in April 1998. The question was if we could approximate the price would be to extend the lease by ninety years. Comparable flats in Long Itchington with 100 year plus lease were worth £295,000. The average ground rent payable was £50 invoiced monthly. The lease came to a finish on 9 January 2101. Taking into account 75 years remaining we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.

Long Itchington case:

Dr Maisie Reed was assigned a lease of a first floor apartment in Long Itchington in January 2003. The dilemma was if we could approximate the price would likely be to extend the lease by an additional years. Similar premises in Long Itchington with an extended lease were worth £250,400. The average amount of ground rent was £65 billed yearly. The lease finished in 2090. Given that there were 64 years left we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 not including professional charges.