Stop! Your Lease Extension in St Mary Cray Could Be FREE

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Many leaseholders in St Mary Cray 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 Mary Cray 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.

Top reasons for St Mary Cray lease extension

Why you should start your St Mary Cray lease extension today:

A St Mary Cray lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in St Mary Cray you actually own a long leasehold interest over your property

St Mary Cray property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent 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 ahead.

Mortgage lenders will not grant a mortgage on a short lease

Most high street banks are making their criteria more stringent and many now want flats to have at least 60 if not 70 years remaining at the end of the mortgage. As plenty of flats in St Mary Cray were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

Lender Requirement
Godiva Mortgages
Halifax
Leeds Building Society
Santander
The Mortgage Works

Why use us for your lease extension in St Mary Cray?

Using our service will provide you better control over the value of your St Mary Cray leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

St Mary Cray Lease Extension Example Cases:

Riley, St Mary Cray, South East London

In recent months Riley, came critically near to the eighty-year threshold with the lease on his garden apartment in St Mary Cray. In buying his flat 19 years previously, the length of the lease was of minimal concern. by good luck, he realised he needed to take action soon on Extending the lease. Riley extended the lease just in the nick of time in April. Riley and the freeholder via the management company eventually settled on a premium of £6,000 . If the lease had dropped below 80 years, the amount would have become more costly by a minimum £1,075.

St Mary Cray case:

In 2010 we were approached by Mrs Kelsey James who, having purchased a garden apartment in St Mary Cray in November 2002. The dilemma was if we could approximate the premium could be to extend the lease by ninety years. Comparable homes in St Mary Cray with an extended lease were valued around £218,000. The average ground rent payable was £45 invoiced per annum. The lease ran out on 24 March 2089. Taking into account 63 years outstanding we estimated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of fees.

Decision in Bromley

An example of a Lease Extension matter before the tribunal for a St Mary Cray residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case related to 1 flat. The unexpired residue of the current lease was 50.57 years.