Stop! Your Lease Extension in Mayfield Could Be FREE

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Many leaseholders in Mayfield 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 Mayfield 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 Mayfield lease extension

Top reasons for lease extension now:

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

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

Mayfield property with a lease extension has roughly the same value as a freehold

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

Lenders may decide not to loan monies with a short lease

Banks and building societies vary in their lending requirements. Some set the bar at 75 years remaining on the lease; others may be happy with anything with more than 70 years. Below 60 years, it may be problematic to obtain a mortgage in the first place.

Lender Requirement
Barclays plc
Barnsley Building Society
Nationwide Building Society
TSB
The Mortgage Works

What makes us experts in Mayfield lease extensions?

The conveyancers that we work with handle Mayfield lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Mayfield Lease Extension Case Summaries:

Jasmine, Mayfield, East Sussex,

Following unsuccessful correspondence with the freeholder of her basement apartment in Mayfield, Jasmine initiated the lease extension process as the 80 year threshold was fast coming. The legal work was concluded in January 2013. The freeholder’s charges were kept to an absolute minimum.

Mayfield case:

Dr Benjamin Richardson bought a ground floor apartment in Mayfield in February 2001. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Identical flats in Mayfield with an extended lease were worth £285,000. The average ground rent payable was £45 billed yearly. The lease came to a finish on 24 February 2097. Given that there were 71 years unexpired we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.

Mayfield case:

Last Spring we were e-mailed by Dr David Richardson , who moved into a first floor apartment in Mayfield in February 2011. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Comparative homes in Mayfield with a long lease were worth £225,800. The average amount of ground rent was £60 collected annually. The lease expired on 6 April 2086. Taking into account 60 years unexpired we calculated the compensation to the landlord to extend the lease to be between £25,700 and £29,600 plus costs.