Stop! Your Lease Extension in Thorpe St Andrew Could Be FREE

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Many leaseholders in Thorpe St Andrew 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 Thorpe St Andrew 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 commence your Thorpe St Andrew lease extension

Why you should start your Thorpe St Andrew lease extension today:

Increase your lease and increase your Thorpe St Andrew property value

On the balance of probabilities where you own a flat in Thorpe St Andrew you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may not finance a property on a short lease

Lenders will not grant a mortgage on short residential leases. You are likely to encounter difficulties if you want to sell your flat in Thorpe St Andrew if the unexpired term of your lease is below the criteria set by the majority of lenders. Different mortgage companies have varying criteria but in the main theyrequire an unexpired term of at least seventy years.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Godiva Mortgages 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.
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.

Get in touch with one of our Thorpe St Andrew lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Thorpe St Andrew,the lease extension experts 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 Thorpe St Andrew valuers.

Thorpe St Andrew Lease Extension Example Cases:

Ellen, Thorpe St Andrew, Norfolk,

After protracted negotiations with the landlord of her ground floor apartment in Thorpe St Andrew, Ellen started the lease extension process just as her lease was approaching the crucial eighty-year mark. The transaction was concluded in August 2013. The freeholder’s fees were restricted to less than 550 GBP.

Thorpe St Andrew case:

Mr and Mrs. K Murphy owned a garden apartment in Thorpe St Andrew in August 1995. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparable flats in Thorpe St Andrew with a long lease were valued around £186,000. The mid-range ground rent payable was £65 billed annually. The lease terminated in 2084. Considering the 58 years left we approximated the premium to the freeholder to extend the lease to be within £24,700 and £28,600 plus legals.

Thorpe St Andrew case:

Mr and Mrs. G Thomas was assigned a lease of a basement flat in Thorpe St Andrew in July 2002. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative flats in Thorpe St Andrew with 100 year plus lease were valued about £250,000. The mid-range amount of ground rent was £50 collected monthly. The lease lapsed in 2095. Taking into account 69 years as a residual term we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.