Stop! Your Lease Extension in Malpas Could Be FREE

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Many leaseholders in Malpas 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 Malpas 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 Malpas lease extension

Main reasons to commence your Malpas lease extension today:

Increase your lease and increase your Malpas property value

The market value of Malpas leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the unexpired lease term is less than 80 years

Malpas property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to lend on a short lease

Mortgage companies are tightening their criteria and many now expect flats to have at least 60 if not 70 years remaining once the mortgage has expired. Given that plenty of flats in Malpas were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Get in touch with one of our Malpas lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Malpas,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 in-depth market knowledge and the close ties they enjoy with Malpas valuers.

Malpas Lease Extension Example Cases:

Elijah, Malpas, Cheshire,

Elijah owned a high value flat in Malpas being sold with a lease of a few days over fifty eight years left. Elijah on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be due on a lease extension were Elijah to invoke his statutory right. Elijah obtained expert legal guidance and secured an acceptable resolution informally and sell the flat.

Malpas case:

In 2013 we were phoned by Ms Maisie Lee who, having moved into a basement flat in Malpas in July 1998. We are asked if we could approximate the price would be for a ninety year lease extension. Comparable homes in Malpas with 100 year plus lease were valued around £275,000. The average amount of ground rent was £55 invoiced annually. The lease came to a finish on 5 September 2103. Having 77 years left we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of expenses.

Malpas case:

In 2011 we were e-mailed by Ms Louise Ramírez who, having bought a first floor flat in Malpas in September 2001. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable properties in Malpas with 100 year plus lease were worth £183,600. The average ground rent payable was £65 billed monthly. The lease came to a finish in 2083. Considering the 57 years remaining we calculated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus costs.