Stop! Your Lease Extension in Melling Could Be FREE

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Many leaseholders in Melling 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 Melling 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 Melling lease extension

Main reasons to commence your Melling lease extension today:

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

The market value of Melling leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Melling with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies may decide not to loan monies with a short lease

Banks and building societies are distinct in their lending requirements. Some set the bar at seventy five years left on the lease; others may be prepared to lend with anything in excess 70 years. With less than sixty years, it may be problematic to obtain a mortgage at all.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Melling?

The conveyancers that we work with procure Melling 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 lawyer we work with provide it.

Melling Lease Extension Example Cases:

Mollie, Melling, Merseyside,

Trailing lengthy discussions with the landlord of her first floor flat in Melling, Mollie commenced the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The transaction completed in October 2011. The landlord’s fees were restricted to below 500 pounds.

Melling case:

Last Spring we were called by Mr and Mrs. R Garcia , who owned a recently refurbished apartment in Melling in March 1999. The dilemma was if we could approximate the price would be to prolong the lease by a further 90 years. Similar properties in Melling with 100 year plus lease were in the region of £176,200. The mid-range ground rent payable was £65 invoiced annually. The lease expired in 2082. Considering the 56 years remaining we calculated the premium to the landlord for the lease extension to be within £29,500 and £34,000 not including professional charges.

Melling case:

Last Winter we were phoned by Dr Olivia Johnson , who completed a first floor flat in Melling in June 1999. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Comparative properties in Melling with a long lease were valued around £242,600. The average amount of ground rent was £45 billed every twelve months. The lease terminated on 2 July 2093. Taking into account 67 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 not including expenses.