Stop! Your Lease Extension in Mortimer Could Be FREE

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Many leaseholders in Mortimer 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 Mortimer 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 commence your Mortimer lease extension

Top reasons for lease extension now:

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

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

An extended lease is almost the same value as a freehold

Leasehold properties in Mortimer with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not issue a mortgage on a short lease

The trend since 2008 has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the unexpired lease term required by banks has increased. In the past lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
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.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Mortimer?

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

Mortimer Lease Extension Example Cases:

Gemma, Mortimer, Berkshire,

Subsequent to lengthy correspondence with the freeholder of her two bedroom flat in Mortimer, Gemma commenced the lease extension process as the eighty year deadline was rapidly coming. The legal work was finalised in March 2012. The landlord’s charges were negotiated to approximately five hundred GBP.

Mortimer case:

Last Autumn we were called by Mr and Mrs. B Garcia , who owned a one bedroom apartment in Mortimer in April 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar flats in Mortimer with an extended lease were valued around £218,400. The average amount of ground rent was £60 collected yearly. The lease finished on 25 April 2085. Taking into account 59 years remaining we approximated the premium to the landlord for the lease extension to be between £27,600 and £31,800 exclusive of expenses.

Mortimer case:

Dr G Moore owned a first floor flat in Mortimer in January 1996. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable homes in Mortimer with an extended lease were worth £205,000. The mid-range amount of ground rent was £50 billed monthly. The lease ran out on 8 September 2105. Considering the 79 years left we approximated the compensation to the landlord to extend the lease to be between £7,600 and £8,800 plus legals.