Stop! Your Lease Extension in Montpelier Could Be FREE

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Many leaseholders in Montpelier 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 Montpelier 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 Montpelier lease extension

Main reasons to commence your Montpelier lease extension today:

Increase your lease and increase your Montpelier property value

Montpelier residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may not finance a property with a short lease

Most banks and building societies require a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is likely that someone wanting to buy your property in the future might well do, so where they can't get a mortgage, then the market price of your property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
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.

Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Montpelier?

Regardless of whether you are a tenant or a landlord in Montpelier,the lease extension solicitors 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 Montpelier valuers.

Montpelier Lease Extension Example Cases:

Harvey, Montpelier, Bristol,

Harvey owned a 2 bedroom apartment in Montpelier on the market with a lease of just over 72 years outstanding. Harvey on an informal basis spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Harvey to invoke his statutory right. Harvey obtained expert advice and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Montpelier case:

Last Autumn we were called by Mr and Mrs. D López , who completed a purpose-built flat in Montpelier in July 2005. The question was if we could approximate the price could be to prolong the lease by 90 years. Similar properties in Montpelier with a long lease were worth £216,000. The mid-range ground rent payable was £60 billed every twelve months. The lease ended in 2084. Given that there were 58 years outstanding we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus costs.

Montpelier case:

Last Christmas we were e-mailed by Mr and Mrs. J King , who moved into a newly refurbished apartment in Montpelier in January 1996. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparative homes in Montpelier with an extended lease were in the region of £205,000. The average amount of ground rent was £50 billed quarterly. The lease expired on 8 August 2104. Considering the 78 years remaining we calculated the compensation to the freeholder for the lease extension to be between £7,600 and £8,800 plus costs.