Stop! Your Lease Extension in Long Sutton Could Be FREE

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Many leaseholders in Long Sutton 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 Sutton 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.

Top reasons for Long Sutton lease extension

Main reasons to start your Long Sutton lease extension today:

A Long Sutton leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Long Sutton 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 residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may not grant a mortgage on a short lease

The trend since 2008 has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by banks has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

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

Using our service will provide you better control over the value of your Long Sutton leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Long Sutton Lease Extension Example Cases:

Archie, Long Sutton, Lincolnshire

Last October Archie, started to get near to the 80-year mark with the lease on his basement apartment in Long Sutton. Having bought his property 18 years ago, the unexpired term was of minimal importance. Thankfully, he recognised he needed to take steps soon on Extending the lease. Archie extended the lease at the eleventh hour in March. Archie and the freeholder via the management company eventually settled on sum of £6,000 . If he failed to meet the deadline, the amount would have become more exhorbitant by a minimum £850.

Long Sutton case:

In 2014 we were contacted by Mrs Leah Rivera who, having completed a one bedroom apartment in Long Sutton in August 2000. The question was if we could estimate the premium could be for a 90 year lease extension. Comparative flats in Long Sutton with an extended lease were valued about £300,000. The mid-range ground rent payable was £50 invoiced annually. The lease expired on 11 November 2102. Taking into account 76 years left we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including costs.

Long Sutton case:

In 2010 we were e-mailed by Dr John Brooks who, having took over the lease of a ground floor flat in Long Sutton in November 2002. The question was if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Identical homes in Long Sutton with 100 year plus lease were valued around £257,800. The mid-range amount of ground rent was £65 billed monthly. The lease ended in 2091. Considering the 65 years remaining we calculated the premium to the landlord to extend the lease to be within £17,100 and £19,800 not including fees.