Stop! Your Lease Extension in Princes Risborough Could Be FREE

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Many leaseholders in Princes Risborough 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 Princes Risborough 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 Princes Risborough lease extension

Top reasons for lease extension now:

Increase your lease and increase your Princes Risborough property value

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

Princes Risborough property with a lease extension is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to grant a mortgage on a short lease

The propensity since the credit crunch has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by banks has increased. In the past mortgage companies would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Lender Requirement
Bank of Scotland 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.
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.
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 Princes Risborough lease extension solicitors or enfranchisement solicitors

The lawyers that we work with procure Princes Risborough 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.

Princes Risborough Lease Extension Case Studies:

Poppy, Princes Risborough, Buckinghamshire,

Following unsuccessful correspondence with the freeholder of her ground floor apartment in Princes Risborough, Poppy started the lease extension process as the eighty year threshold was rapidly nearing. The legal work was concluded in January 2009. The landlord’s fees were restricted to about five hundred GBP.

Princes Risborough case:

In 2013 we were e-mailed by Dr Chantelle Patel who, having moved into a ground floor apartment in Princes Risborough in November 2011. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Comparable premises in Princes Risborough with 100 year plus lease were valued around £246,800. The mid-range ground rent payable was £60 billed quarterly. The lease lapsed in 2076. Taking into account 50 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £44,700 and £51,600 exclusive of professional charges.

Princes Risborough case:

In 2012 we were called by Mr Sam Edwards who, having owned a first floor flat in Princes Risborough in October 2004. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Comparative properties in Princes Risborough with a long lease were valued about £203,200. The average amount of ground rent was £65 billed quarterly. The lease expiry date was in 2087. Given that there were 61 years remaining we calculated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 not including expenses.