Stop! Your Lease Extension in Neston Could Be FREE

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Many leaseholders in Neston 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 Neston 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.

Top reasons for Neston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Neston property value

The value of Neston 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 significantly once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not grant a mortgage with a short lease

Lenders do not lend on short residential leases. You most probably encounter problems where you wish to sell your flat in Neston if the remaining term of your lease is below the criteria set by most mortgage companies. Different mortgage companies have different requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

Lender Requirement
Accord Mortgages 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.
Chelsea 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.
Leeds Building Society 85 years remaining from the start 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.

What makes us experts in Neston lease extensions?

Regardless of whether you are a tenant or a freeholder in Neston,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 in-depth market knowledge and the close ties they enjoy with Neston valuers.

Neston Lease Extension Case Summaries:

Anna, Neston, Cheshire,

Trailing protracted correspondence with the landlord of her ground floor flat in Neston, Anna initiated the lease extension process as the eighty year mark was swiftly coming. The transaction was concluded in July 2009. The landlord’s fees were kept to an absolute minimum.

Neston case:

Mrs Sophie Bailey owned a first floor flat in Neston in August 1997. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparable homes in Neston with 100 year plus lease were valued around £210,000. The mid-range ground rent payable was £50 billed quarterly. The lease elapsed in 2106. Considering the 80 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus legals.

Neston case:

Dr A Edwards moved into a purpose-built flat in Neston in May 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Comparative properties in Neston with an extended lease were worth £275,000. The mid-range ground rent payable was £45 invoiced yearly. The lease came to a finish in 2095. Taking into account 69 years remaining we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of fees.