Stop! Your Lease Extension in Stamford Bridge Could Be FREE

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Many leaseholders in Stamford Bridge 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 Stamford Bridge 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 Stamford Bridge lease extension

Why you should commence your Stamford Bridge lease extension today:

Increase your lease and increase your Stamford Bridge property value

Stamford Bridge leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Stamford Bridge enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Stamford Bridge you really ought to check if your lease has between 70 and 90 years remaining. There are compelling reasons why a Stamford Bridge flat owner with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Stamford Bridge with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may decide not to loan monies with a short lease

Mortgage companies are tightening their criteria and many now want flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Stamford Bridge were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Lender Requirement
Accord Mortgages 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.
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.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

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.
 


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.

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.

Get in touch with one of our Stamford Bridge lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Stamford Bridge,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Stamford Bridge valuers.

Stamford Bridge Lease Extension Example Cases:

Harry, Stamford Bridge, East Yorkshire,

Harry owned a 2 bedroom flat in Stamford Bridge being marketed with a lease of a few days over 61 years outstanding. Harry on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Harry to exercise his statutory right. Harry obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Stamford Bridge case:

Last Spring we were contacted by Dr Francesca Clark , who bought a recently refurbished apartment in Stamford Bridge in January 1998. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Identical homes in Stamford Bridge with an extended lease were in the region of £265,000. The mid-range amount of ground rent was £50 collected monthly. The lease terminated on 13 July 2099. Having 73 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.

Stamford Bridge case:

Last year we were contacted by Mr V Clarke , who purchased a purpose-built apartment in Stamford Bridge in July 1996. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Identical premises in Stamford Bridge with 100 year plus lease were worth £264,000. The average ground rent payable was £60 collected every twelve months. The lease concluded on 10 November 2079. Taking into account 53 years left we calculated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 not including fees.