Stop! Your Lease Extension in Neston Could Be FREE

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Many leaseholders in Neston 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 Neston 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 Neston lease extension

Why you should start your Neston lease extension today:

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

Neston residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to issue a mortgage on a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea 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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.

Why use us for your lease extension in Neston?

Regardless of whether you are a tenant or a landlord in Neston,the lease extension solicitors 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 Neston valuers.

Neston Lease Extension Case Summaries:

Milo, Neston, Cheshire

Two years ago Milo, started to get near to the eighty-year threshold with the lease on his purpose- built apartment in Neston. In buying his flat two decades ago, the length of the lease was of minimal bearing. As luck would have it, he noticed he needed to take action soon on a lease extension. Milo arranged for a lease extension just in the nick of time last September. Milo and the landlord who owned the flat above in the end agreed on the final figure of £5,000 . If he not met the deadline, the price would have gone up by at least £1,150.

Neston case:

In 2009 we were approached by Mr and Mrs. P Wright who, having owned a recently refurbished flat in Neston in November 2000. The question was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar residencies in Neston with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £45 collected annually. The lease expired in 2095. Given that there were 69 years outstanding we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.

Neston case:

In 2009 we were called by Ms S Rogers who, having moved into a studio flat in Neston in July 2006. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar flats in Neston with an extended lease were valued around £216,000. The mid-range ground rent payable was £60 collected quarterly. The lease expired on 4 February 2084. Taking into account 58 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of costs.