Stop! Your Lease Extension in St Leonard Shoreditch Could Be FREE

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Many leaseholders in St Leonard Shoreditch 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 Leonard Shoreditch 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 commence your St Leonard Shoreditch lease extension

Top reasons for lease extension now:

A St Leonard Shoreditch lease depreciates with the years remaining on the lease.

Unfortunately that a St Leonard Shoreditch residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the St Leonard Shoreditch property prices.Once your lease nears 85ish years, you should start considering a lease extension. If lease term slips under 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in St Leonard Shoreditch will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor for the duration of the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.

Lenders may decide not to issue a mortgage with a short lease

Banks and Building Societies have specific criteria when loaning funds charged on leasehold homes. Some will simply refrain from lending at all once the residual lease term goes beneath a specified unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than 75 years as adequate security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your St Leonard Shoreditch home.

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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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.

What makes us experts in St Leonard Shoreditch lease extensions?

Retaining our service will provide you increased control over the value of your St Leonard Shoreditch leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

St Leonard Shoreditch Lease Extension Case Studies:

Catherine, St Leonard Shoreditch, London,

In the wake of 9 months of unsuccessful negotiations with the landlord of her purpose-built apartment in St Leonard Shoreditch, Catherine commenced the lease extension process as the eighty year threshold was swiftly nearing. The transaction was concluded in September 2015. The landlord’s charges were kept to an absolute minimum.

St Leonard Shoreditch case:

Last Christmas we were called by Mr B Watson , who bought a studio apartment in St Leonard Shoreditch in April 2006. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative flats in St Leonard Shoreditch with a long lease were valued about £176,200. The average amount of ground rent was £65 invoiced monthly. The lease terminated on 18 May 2082. Taking into account 56 years unexpired we calculated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 plus fees.

Decision in Hackney

An example of a Lease Extension case for a St Leonard Shoreditch premises is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.