Stop! Your Lease Extension in Fenny Stratford Could Be FREE

Get a Free Case Review
Many leaseholders in Fenny Stratford 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 Fenny Stratford 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 Fenny Stratford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Fenny Stratford property value

Chances are that if you own a flat in Fenny Stratford you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Fenny Stratford with over 100 years unexpired 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 premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may not issue a mortgage on a short lease

Banks and building societies do not like short residential leases. You are likely to experience difficulties if you wish to sell your flat in Fenny Stratford if the remaining lease term is under the criteria set by most mortgage companies. Different mortgage companies have varying requirements but on the whole theyrequire a minimum remaining lease term of seventy years.

Lender Requirement
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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 Fenny Stratford lease extensions?

The conveyancing solicitors that we work with procure Fenny Stratford 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.

Fenny Stratford Lease Extension Example Cases:

Holly, Fenny Stratford, Buckinghamshire,

Subsequent to protracted discussions with the landlord of her garden apartment in Fenny Stratford, Holly initiated the lease extension process as the eighty year deadline was quickly nearing. The legal work completed in March 2011. The landlord’s charges were kept to an absolute minimum.

Fenny Stratford case:

Last May we were contacted by Mr Logan André , who purchased a garden flat in Fenny Stratford in August 2010. We are asked if we could estimate the price would be to prolong the lease by an additional years. Similar flats in Fenny Stratford with 100 year plus lease were valued about £270,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease expiry date was on 4 August 2094. Taking into account 68 years outstanding we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.

Fenny Stratford case:

Dr I Parker took over the lease of a one bedroom apartment in Fenny Stratford in November 2004. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative residencies in Fenny Stratford with 100 year plus lease were in the region of £208,600. The average amount of ground rent was £60 invoiced monthly. The lease finished on 28 August 2083. Having 57 years left we calculated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of expenses.