Stop! Your Lease Extension in St Anns Could Be FREE

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Many leaseholders in St Anns 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 St Anns 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 commence your St Anns lease extension

Why you should start your St Anns lease extension today:

A St Anns leasehold property depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in St Anns can extend the lease for a further 90 years in accordance with statute. Please think carefully before delaying your St Anns lease extension. Postponing that expense today simply increases the amount you will ultimately be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not finance a property on a short lease

Most banks and building societies require 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 be mindful that it is likely that someone wishing to buy your property in the future might well do, so where they are not able to get a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Santander 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
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

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

Why use us for your lease extension in St Anns?

Lease extensions in St Anns can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in this area.

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 in-depth market knowledge dealing with St Anns lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

St Anns Lease Extension Case Studies:

Ollie, St Anns, Nottinghamshire

In 2014 Ollie, started to get near to the 80-year mark with the lease on his studio apartment in St Anns. In buying his property 18 years previously, the unexpired term was of little importance. by good luck, he realised he needed to take action soon on Extending the lease. Ollie extended the lease at the eleventh hour in June. Ollie and the landlord subsequently settled on sum of £5,500 . If the lease had slipped to less than eighty years, the price would have escalated by at least £1,000.

St Anns case:

Mr Nathaniel Turner was assigned a lease of a one bedroom apartment in St Anns in August 1999. The question was if we could estimate the price could be to prolong the lease by an additional years. Identical premises in St Anns with 100 year plus lease were worth £270,000. The average amount of ground rent was £55 invoiced annually. The lease ended on 13 July 2101. Taking into account 75 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.

St Anns case:

Mrs Melissa Richardson purchased a one bedroom apartment in St Anns in October 2001. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical properties in St Anns with an extended lease were valued about £173,800. The average ground rent payable was £65 billed yearly. The lease terminated in 2081. Considering the 55 years remaining we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of professional charges.