Stop! Your Lease Extension in Stapleford Could Be FREE

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Many leaseholders in Stapleford 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 Stapleford 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 Stapleford lease extension

Why you should start your Stapleford lease extension today:

Increase your lease and increase your Stapleford property value

The value of Stapleford leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the remaining term is below than 80 years

Stapleford property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred 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 equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage on a short lease

The propensity since 2008 has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has meant the unexpired lease term required by lenders has increased. In the past banks were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
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.

Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Stapleford lease extensions?

Lease extensions in Stapleford can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 Stapleford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stapleford Lease Extension Example Cases:

Tia, Stapleford, Nottinghamshire,

After protracted correspondence with the freeholder of her studio apartment in Stapleford, Tia started the lease extension process as the eighty year deadline was swiftly advancing. The lease extension completed in October 2011. The landlord’s costs were negotiated to under 650 pounds.

Stapleford case:

Last Summer we were e-mailed by Mrs K François , who owned a ground floor apartment in Stapleford in May 1999. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Similar homes in Stapleford with a long lease were valued about £208,600. The average amount of ground rent was £60 billed annually. The lease lapsed on 27 May 2083. Considering the 57 years left we calculated the premium to the landlord to extend the lease to be between £30,400 and £35,200 plus expenses.

Stapleford case:

In 2012 we were e-mailed by Dr K François who, having moved into a purpose-built flat in Stapleford in October 2011. The question was if we could estimate the price could be to prolong the lease by 90 years. Identical flats in Stapleford with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 collected monthly. The lease terminated in 2103. Given that there were 77 years unexpired we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.