Stop! Your Lease Extension in Stilton Could Be FREE

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Many leaseholders in Stilton 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 Stilton 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.

Main reasons to start your Stilton lease extension

Main reasons to commence your Stilton lease extension today:

A Stilton leasehold property depreciates with the years remaining on the lease.

Stilton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Stilton tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Stilton you must check if your lease has between 70 and ninety years left. There are compelling reasons why a Stilton leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay

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

Leasehold properties in Stilton with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders will not grant a mortgage with a short lease

The trend since the credit crunch has been for lenders to tighten lending requirements generally - this has extended to the property over which the home loan is to be charged. This has resulted in the unexpired lease term required by lenders has increased. In the past mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.

Why use us for your lease extension in Stilton?

Regardless of whether you are a tenant or a freeholder in Stilton,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Stilton valuers.

Stilton Lease Extension Example Cases:

Isobel, Stilton, Cambridgeshire,

In the wake of eight months of protracted negotiations with the freeholder of her first floor flat in Stilton, Isobel started the lease extension process as the eighty year threshold was swiftly advancing. The transaction was finalised in January 2012. The landlord’s costs were restricted to slightly above 550 pounds.

Stilton case:

Mr and Mrs. C Thomas completed a ground floor apartment in Stilton in May 2011. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Similar properties in Stilton with an extended lease were in the region of £200,800. The average amount of ground rent was £65 invoiced every twelve months. The lease lapsed on 6 July 2086. Given that there were 60 years unexpired we estimated the premium to the landlord for the lease extension to be between £20,900 and £24,200 not including costs.

Stilton case:

Mr Henry Pérez acquired a one bedroom flat in Stilton in January 2010. The dilemma was if we could approximate the premium could be to extend the lease by 90 years. Comparable residencies in Stilton with 100 year plus lease were worth £255,000. The average amount of ground rent was £50 collected yearly. The lease terminated on 24 September 2097. Considering the 71 years left we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.