Stop! Your Lease Extension in Longford Could Be FREE

Get a Free Case Review
Many leaseholders in Longford 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 Longford 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 Longford lease extension

Why you should commence your Longford lease extension today:

A Longford leasehold property depreciates with the years remaining on the lease.

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

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lending institutions will not issue a mortgage on a short lease

Lenders are really restricting their approach as regards to properties in Longford with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting the number of potential purchasers.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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 Longford lease extensions?

Irrespective of whether you are a tenant or a freeholder in Longford,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Longford valuers.

Longford Lease Extension Example Cases:

Callum, Longford, West London,

Callum owned a studio apartment in Longford being marketed with a lease of fraction over fifty eight years remaining. Callum informally spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Callum to invoke his statutory right. Callum obtained expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.

Longford case:

Dr I Allen completed a ground floor apartment in Longford in January 1998. The question was if we could approximate the premium would be to prolong the lease by 90 years. Comparative premises in Longford with a long lease were worth £245,000. The average ground rent payable was £50 collected monthly. The lease lapsed on 4 May 2094. Having 68 years unexpired we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.

Decision in Hillingdon

An example of a Freehold Enfranchisement matter before the tribunal for a Longford premises is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The unexpired term as at the valuation date was 69 years.