Stop! Your Lease Extension in Ottery St Mary Could Be FREE

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Many leaseholders in Ottery St Mary 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 Ottery St Mary 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 commence your Ottery St Mary lease extension

Main reasons to commence your Ottery St Mary lease extension today:

Increase your lease and increase your Ottery St Mary property value

Ottery St Mary leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Ottery St Mary tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Ottery St Mary you should check if your lease has between seventy and ninety years remaining. There are good reasons why a Ottery St Mary leaseholder with a lease having around eighty years remaining should take action to ensure that a lease extension is put in place without delay

Ottery St Mary property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not loan monies on a short lease

The trend since over the last decade has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has resulted in the unexpired lease term required by banks has increased. Historically lenders would grant a mortgage on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Accord Mortgages 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.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire 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.

Get in touch with one of our Ottery St Mary lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Ottery St Mary,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 experience and the close ties they enjoy with Ottery St Mary valuers.

Ottery St Mary Lease Extension Example Cases:

Amy, Ottery St Mary, Devon,

In the wake of 9 months of unsuccessful discussions with the freeholder of her one bedroom flat in Ottery St Mary, Amy commenced the lease extension process as the 80 year threshold was quickly coming. The transaction completed in July 2006. The freeholder’s fees were negotiated to a tad over 450 pounds.

Ottery St Mary case:

Mr and Mrs. V Sánchez bought a newly refurbished flat in Ottery St Mary in September 2006. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Similar residencies in Ottery St Mary with an extended lease were valued about £210,600. The mid-range amount of ground rent was £45 collected annually. The lease concluded on 20 March 2088. Having 62 years unexpired we estimated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus costs.

Ottery St Mary case:

Last April we were e-mailed by Mr P Pérez , who was assigned a lease of a garden flat in Ottery St Mary in June 1999. The dilemma was if we could estimate the premium would be to prolong the lease by ninety years. Comparative residencies in Ottery St Mary with an extended lease were valued around £265,000. The average amount of ground rent was £50 invoiced per annum. The lease elapsed on 28 February 2099. Given that there were 73 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.