Stop! Your Lease Extension in Sandwich Could Be FREE

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Many leaseholders in Sandwich 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 Sandwich 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.

Top reasons for Sandwich lease extension

Main reasons to commence your Sandwich lease extension today:

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

The only way is down when it comes to Sandwich lease terms. Sandwich properties that have a remaining term fewer than eighty years will drop in value at a rapid rate, and the cost to extend your lease will increase.

Sandwich property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not lend with a short lease

Banks and building societies are really clamping down as regards to homes in Sandwich with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus restricting the number of potential buyers.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Why use us for your lease extension in Sandwich?

The conveyancers that we work with handle Sandwich 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.

Sandwich Lease Extension Example Cases:

Jonathan, Sandwich, Kent

14 months ago Jonathan, started to get near to the eighty-year threshold with the lease on his studio flat in Sandwich. Having purchased his flat two decades ago, the lease term was of no significance. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Jonathan arranged for a lease extension at the eleventh hour in June. Jonathan and the landlord eventually settled on the final figure of £6,000 . If the lease had descended below eighty years, the price would have increased by at least £1,050.

Sandwich case:

Ms Catherine James owned a purpose-built apartment in Sandwich in February 2002. The dilemma was if we could approximate the price could be for a ninety year lease extension. Identical residencies in Sandwich with an extended lease were in the region of £225,400. The average amount of ground rent was £45 invoiced annually. The lease terminated on 2 November 2090. Taking into account 64 years remaining we calculated the compensation to the freeholder to extend the lease to be within £15,200 and £17,600 plus costs.

Sandwich case:

Dr Logan Edwards completed a studio apartment in Sandwich in July 2009. The question was if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Comparative flats in Sandwich with a long lease were valued about £270,000. The average ground rent payable was £55 billed quarterly. The lease ran out on 24 September 2101. Considering the 75 years as a residual term we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.