Stop! Your Lease Extension in Sneyd Park Could Be FREE

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Many leaseholders in Sneyd Park 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 Sneyd Park 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 Sneyd Park lease extension

Main reasons to commence your Sneyd Park lease extension today:

Increase your lease and increase your Sneyd Park property value

The value of Sneyd Park 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 substantially once the unexpired lease term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold residencies in Sneyd Park with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders will not loan monies with a short lease

The propensity since 2008 has been for banks to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. In the past lenders were content with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.

Get in touch with one of our Sneyd Park lease extension solicitors or enfranchisement solicitors

Lease extensions in Sneyd Park can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Sneyd Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Sneyd Park Lease Extension Example Cases:

Jonathan, Sneyd Park, Bristol,

Jonathan was the the leasehold owner of a conversion flat in Sneyd Park on the market with a lease of a little over 61 years unexpired. Jonathan informally spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Jonathan to invoke his statutory right. Jonathan obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Sneyd Park case:

Mr and Mrs. C Morel owned a garden flat in Sneyd Park in May 1995. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparable residencies in Sneyd Park with a long lease were in the region of £260,200. The mid-range ground rent payable was £65 collected per annum. The lease finished on 23 August 2092. Taking into account 66 years as a residual term we estimated the premium to the landlord to extend the lease to be within £16,200 and £18,600 not including fees.

Sneyd Park case:

Mr Jude Gunderson took over the lease of a one bedroom flat in Sneyd Park in October 2004. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical properties in Sneyd Park with 100 year plus lease were valued about £198,800. The average amount of ground rent was £55 billed quarterly. The lease elapsed in 2081. Given that there were 55 years outstanding we calculated the premium to the landlord to extend the lease to be within £33,300 and £38,400 plus legals.