Stop! Your Lease Extension in Sandiacre Could Be FREE

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Many leaseholders in Sandiacre 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 Sandiacre 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 Sandiacre lease extension

Why you should start your Sandiacre lease extension today:

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

Chances are that if you own a flat in Sandiacre you actually own a long leasehold interest over your property

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

Leasehold premises in Sandiacre with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not loan monies on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are deemed to be unacceptable for lending purposes.

Lender Requirement
Chelsea Building Society
Leeds Building Society
Nationwide Building Society
Skipton Building Society
The Mortgage Works

What makes us experts in Sandiacre lease extensions?

Regardless of whether you are a tenant or a freeholder in Sandiacre,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Sandiacre valuers.

Sandiacre Lease Extension Case Studies:

Isaac, Sandiacre, Derbyshire

Last October Isaac, started to get near to the 80-year mark with the lease on his one bedroom apartment in Sandiacre. Having bought his property 19 years previously, the length of the lease was of minimal importance. Thankfully, he realised he would soon be paying an inflated amount for Extending the lease. Isaac arranged for a lease extension at the eleventh hour in September. Isaac and the freeholder via the management company in the end agreed on an amount of £5,000 . If the lease had gone lower than 80 years, the amount would have increased by at least £1,125.

Sandiacre case:

In 2011 we were called by Mrs Georgia Young who, having was assigned a lease of a basement flat in Sandiacre in August 2012. The question was if we could approximate the price would be to prolong the lease by an additional years. Identical residencies in Sandiacre with an extended lease were valued about £225,800. The average ground rent payable was £60 collected per annum. The lease terminated in 2086. Considering the 60 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £25,700 and £29,600 exclusive of legals.

Sandiacre case:

Last Spring we were contacted by Ms Y Rivera , who bought a recently refurbished flat in Sandiacre in November 1996. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative homes in Sandiacre with 100 year plus lease were valued about £210,000. The average ground rent payable was £50 billed monthly. The lease terminated on 15 January 2106. Having 80 years outstanding we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.