Stop! Your Lease Extension in Selston Could Be FREE

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Many leaseholders in Selston 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 Selston 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 start your Selston lease extension

Top reasons for lease extension now:

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

The market value of Selston leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is less than 80 years

Selston 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 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not lend with a short lease

The trend since 2008 has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have 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.
Lloyds TSB Scotland Minimum 70 years from the date 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 Selston lease extension solicitors or enfranchisement solicitors

Using our service gives you better control over the value of your Selston leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Selston Lease Extension Case Summaries:

David, Selston, Nottinghamshire

During the course of the last few months David, came dangerously near to the 80-year mark with the lease on his two bedroom apartment in Selston. Having purchased his property two decades ago, the length of the lease was of minimal interest. Luckily, he recognised he would soon be paying an escalated premium for Extending the lease. David was able to extend his lease at the eleventh hour last March. David and the landlord in the end settled on the final figure of £6,000 . If he not met the deadline, the sum would have increased by at least £900.

Selston case:

In 2014 we were approached by Mr and Mrs. R White who, having moved into a basement apartment in Selston in May 2008. The dilemma was if we could approximate the price could be for a 90 year lease extension. Similar properties in Selston with 100 year plus lease were worth £280,000. The average amount of ground rent was £45 collected annually. The lease ended on 19 May 2095. Given that there were 69 years left we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of expenses.

Selston case:

Last Winter we were e-mailed by Mr and Mrs. F Richardson , who bought a basement apartment in Selston in January 2010. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar flats in Selston with 100 year plus lease were worth £216,000. The average ground rent payable was £60 billed quarterly. The lease elapsed in 2084. Given that there were 58 years unexpired we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including legals.