Stop! Your Lease Extension in Rendlesham Could Be FREE

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Many leaseholders in Rendlesham 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 Rendlesham 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 Rendlesham lease extension

Top reasons for lease extension now:

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

Rendlesham residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

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

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage on a short lease

Many mortgage lenders insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone intending to purchase your property in the future might well do, so where they are unable to secure a mortgage, then the market price of the property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to accept

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.
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.
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.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Rendlesham?

Retaining our service gives you increased control over the value of your Rendlesham leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Rendlesham Lease Extension Case Studies:

Sophie, Rendlesham, Suffolk,

Subsequent to unsuccessful correspondence with the freeholder of her first floor flat in Rendlesham, Sophie commenced the lease extension process as the eighty year threshold was rapidly approaching. The transaction completed in September 2008. The freeholder’s fees were negotiated to approximately 500 GBP.

Rendlesham case:

In 2013 we were phoned by Dr A Gómez who, having completed a newly refurbished apartment in Rendlesham in March 2003. The question was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable homes in Rendlesham with a long lease were valued around £208,600. The mid-range amount of ground rent was £60 billed yearly. The lease ended on 4 February 2083. Having 57 years remaining we approximated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 plus costs.

Rendlesham case:

In 2010 we were phoned by Ms Amelia Sharif who, having was assigned a lease of a recently refurbished apartment in Rendlesham in August 1998. The dilemma was if we could estimate the price could be to prolong the lease by an additional years. Comparative homes in Rendlesham with a long lease were valued about £200,000. The average amount of ground rent was £50 collected per annum. The lease expired on 7 March 2103. Taking into account 77 years left we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus expenses.