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.

Why you should start your St Anns lease extension

Why you should commence your St Anns lease extension today:

Increase your lease and increase your St Anns property value

St Anns residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

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

Leasehold premises in St Anns with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may cause difficulties once you come to market or remortgage your property as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your purchaser must hold off for a couple of years before they can start the legal procedures for an extension to the lease.

Lender Requirement
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.
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in St Anns?

Engaging our service gives you enhanced control over the value of your St Anns leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

St Anns Lease Extension Example Cases:

William, St Anns, Nottinghamshire

Last year William, came dangerously near to the 80-year mark with the lease on his ground floor flat in St Anns. Having bought his flat two decades ago, the unexpired term was of little interest. As luck would have it, he noticed he needed to take action soon on Extending the lease. William was able to extend his lease just in the nick of time in July. William and the freeholder via the managing agents in the end settled on an amount of £5,000 . If he not met the deadline, the figure would have escalated by a minimum £850.

St Anns case:

In 2009 we were called by Dr G Stewart who, having acquired a one bedroom apartment in St Anns in May 1999. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Comparable flats in St Anns with an extended lease were valued about £181,200. The average amount of ground rent was £65 invoiced monthly. The lease ran out on 17 June 2082. Considering the 56 years outstanding we approximated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of fees.

St Anns case:

In 2009 we were e-mailed by Mr and Mrs. L Morgan who, having completed a ground floor flat in St Anns in November 1999. The question was if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Comparable premises in St Anns with a long lease were valued around £242,600. The mid-range amount of ground rent was £45 invoiced quarterly. The lease terminated in 2093. Considering the 67 years remaining we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 not including fees.