Street Lease Extension - Free Consultation

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Before you progress with your lease extension in Street
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Street lease extension

Why you should commence your Street lease extension today:

Increase your lease and increase your Street property value

The market value of Street 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 escalate materialy once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Street with in excess of one hundred years remaining 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 purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

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

Many mortgage lenders will be unwilling to lend on a lease with less than 70 years remaining - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Street property becoming difficult to sell or remortgage.

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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Royal Bank of Scotland Mortgage term plus 30 years.
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 Street lease extensions?

Regardless of whether you are a tenant or a freeholder in Street,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 experience and the close ties they enjoy with Street valuers.

Street Lease Extension Example Cases:

Danielle, Street, Somerset,

In the wake of 6 months of lengthy discussions with the landlord of her two bedroom apartment in Street, Danielle started the lease extension process as the eighty year threshold was rapidly advancing. The transaction completed in January 2007. The landlord’s charges were kept to an absolute minimum.

Street case:

In 2014 we were called by Mr Nathaniel Cox who, having purchased a studio flat in Street in February 2004. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Identical homes in Street with 100 year plus lease were valued around £233,200. The mid-range amount of ground rent was £60 collected every twelve months. The lease expired in 2086. Having 61 years outstanding we approximated the compensation to the landlord to extend the lease to be within £22,800 and £26,400 not including fees.

Street case:

Mr Dexter Jones was assigned a lease of a basement apartment in Street in January 2002. We are asked if we could estimate the price could be to prolong the lease by 90 years. Comparable properties in Street with a long lease were worth £171,800. The mid-range ground rent payable was £55 billed quarterly. The lease finished in 2075. Having 50 years unexpired we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus fees.