Stop! Your Lease Extension in Uttoxeter Could Be FREE

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Many leaseholders in Uttoxeter 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 Uttoxeter 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 Uttoxeter lease extension

Why you should start your Uttoxeter lease extension today:

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

Uttoxeter leases on residential deteriorating in value. if your lease has in the region of ninety years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the current lease dips lower than eighty years - otherwise a higher amount will be payable. Flat owners in Uttoxeter will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some cases you may not qualify. There are prescribed deadlines and steps to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.

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

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not lend on a short lease

The propensity since over the last decade has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has meant the unexpired lease term required by banks has increased. Historically lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Halifax Minimum 70 years from the date 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.

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 Uttoxeter lease extensions?

Irrespective of whether you are a tenant or a landlord in Uttoxeter,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Uttoxeter valuers.

Uttoxeter Lease Extension Case Studies:

George, Uttoxeter, Staffordshire

Last Autumn George, came critically near to the 80-year mark with the lease on his purpose- built flat in Uttoxeter. Having purchased his property two decades ago, the unexpired term was of minimal concern. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. George extended the lease just ahead of time in January. George and the landlord who owned the flat above subsequently settled on an amount of £5,500 . If he had missed the deadline, the sum would have become more costly by at least £1,025.

Uttoxeter case:

Last year we were approach by Dr Theo Thompson , who completed a one bedroom flat in Uttoxeter in November 2002. The question was if we could estimate the premium would be to prolong the lease by a further 90 years. Comparable premises in Uttoxeter with a long lease were valued around £285,000. The average amount of ground rent was £55 billed per annum. The lease came to a finish on 17 September 2106. Given that there were 80 years unexpired we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.

Uttoxeter case:

In 2013 we were e-mailed by Mrs Y González who, having completed a purpose-built flat in Uttoxeter in June 2004. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Comparative flats in Uttoxeter with a long lease were in the region of £200,800. The mid-range amount of ground rent was £65 collected every twelve months. The lease termination date was in 2086. Having 60 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 not including expenses.