Stop! Your Lease Extension in Sutton on Trent Could Be FREE

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Many leaseholders in Sutton on Trent 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 Sutton on Trent 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 start your Sutton on Trent lease extension

Top reasons for lease extension now:

A Sutton on Trent lease depreciates with the years remaining on the lease.

Sutton on Trent 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 becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Sutton on Trent residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Sutton on Trent you really ought to investigate if your lease has between seventy and ninety years left. There are good reasons why a Sutton on Trent flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately 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 many years in the future.

Banks and Building Societies may decide not to lend with a short lease

Nearly all mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should be mindful that it is likely that someone wishing to acquire your property in the future might well do, so in the event that they are not able to secure a mortgage, then the financial worth of your property will likely suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

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.
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.
Santander 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
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Sutton on Trent lease extensions?

The conveyancing solicitors that we work with procure Sutton on Trent lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Sutton on Trent Lease Extension Case Summaries:

Freddie, Sutton on Trent, Nottinghamshire,

Freddie owned a studio apartment in Sutton on Trent being marketed with a lease of fraction over 72 years unexpired. Freddie on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Freddie to exercise his statutory right. Freddie obtained expert legal guidance and secured an acceptable resolution informally and readily saleable.

Sutton on Trent case:

Last Christmas we were approach by Mr and Mrs. A Bonnet , who owned a basement flat in Sutton on Trent in September 1998. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative residencies in Sutton on Trent with a long lease were in the region of £275,000. The average amount of ground rent was £65 invoiced every twelve months. The lease expired in 2094. Having 68 years unexpired we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including fees.

Sutton on Trent case:

Dr N Moore moved into a one bedroom flat in Sutton on Trent in September 2003. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Comparable premises in Sutton on Trent with an extended lease were worth £213,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease lapsed in 2083. Considering the 57 years as a residual term we approximated the premium to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of expenses.