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.

Why you should start your Thorpe St Andrew lease extension

Top reasons for lease extension now:

A Thorpe St Andrew leasehold property depreciates with the years remaining on the lease.

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

Thorpe St Andrew property with a lease extension has roughly the same value as a freehold

Leasehold premises in Thorpe St Andrew with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies will not lend with a short lease

Almost all banks and building societies will not lend on a lease with under 70 years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Thorpe St Andrew property being difficult to dispose of or refinance.

Lender Requirement
Coventry Building Society 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.
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.
Leeds Building Society 85 years remaining from the start 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.

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

What makes us experts in Thorpe St Andrew lease extensions?

Lease extensions in Thorpe St Andrew can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor with experience in lease extensions.

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 procuring Thorpe St Andrew lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Thorpe St Andrew Lease Extension Case Summaries:

Jasper, Thorpe St Andrew, Norfolk

In 2014 Jasper, started to get close to the eighty-year threshold with the lease on his basement flat in Thorpe St Andrew. Having purchased his property 19 years previously, the unexpired term was of minimal significance. by good luck, he realised he needed to take steps soon on a lease extension. Jasper arranged for a lease extension just in the nick of time in April. Jasper and the landlord ultimately agreed on sum of £5,000 . If he had missed the deadline, the premium would have gone up by at least £975.

Thorpe St Andrew case:

In 2011 we were approached by Mrs K Cooper who, having was assigned a lease of a studio apartment in Thorpe St Andrew in January 2004. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Comparative homes in Thorpe St Andrew with a long lease were valued around £260,000. The average ground rent payable was £50 collected per annum. The lease terminated in 2098. Given that there were 72 years as a residual term we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including professional charges.

Thorpe St Andrew case:

Mr and Mrs. K Hernández acquired a basement flat in Thorpe St Andrew in July 2010. The question was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Comparative residencies in Thorpe St Andrew with a long lease were in the region of £256,600. The mid-range ground rent payable was £60 invoiced monthly. The lease ended in 2078. Considering the 52 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £41,800 and £48,400 not including professional charges.