Stop! Your Lease Extension in Milnthorpe Could Be FREE

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

Main reasons to start your Milnthorpe lease extension today:

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

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

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

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may not loan monies with a short lease

Lenders are really clamping down as regards to properties in Milnthorpe with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

Lender Requirement
Bank of Scotland 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.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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.

Why use us for your lease extension in Milnthorpe?

Using our service will provide you enhanced control over the value of your Milnthorpe leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Milnthorpe Lease Extension Example Cases:

Ollie, Milnthorpe, Cumbria,

Ollie was the the leasehold proprietor of a conversion apartment in Milnthorpe on the market with a lease of fraction over fifty eight years unexpired. Ollie on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ollie to invoke his statutory right. Ollie obtained expert advice and secured satisfactory deal informally and readily saleable.

Milnthorpe case:

Mr and Mrs. U Torres completed a studio apartment in Milnthorpe in March 2004. We are asked if we could approximate the premium could be to extend the lease by an additional years. Comparative premises in Milnthorpe with a long lease were in the region of £225,800. The mid-range ground rent payable was £60 collected annually. The lease ended in 2086. Given that there were 60 years remaining we approximated the premium to the landlord to extend the lease to be between £23,800 and £27,400 plus expenses.

Milnthorpe case:

In 2009 we were e-mailed by Mr and Mrs. C Garcia who, having moved into a first floor apartment in Milnthorpe in January 1999. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Identical homes in Milnthorpe with a long lease were valued about £210,000. The mid-range ground rent payable was £50 collected every twelve months. The lease terminated in 2106. Taking into account 80 years left we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus professional charges.