Stop! Your Lease Extension in Rush Green Could Be FREE

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Many leaseholders in Rush Green 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 Rush Green 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 Rush Green lease extension

Top reasons for lease extension now:

A Rush Green leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Rush Green you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Rush Green with in excess of one hundred years outstanding 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to loan monies with a short lease

The trend since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past banks were content with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

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;
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Royal Bank of Scotland Mortgage term plus 30 years.
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 Rush Green?

Using our service gives you better control over the value of your Rush Green leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Rush Green Lease Extension Case Studies:

Sian, Rush Green, London,

Subsequent to unsuccessful discussions with the landlord of her basement flat in Rush Green, Sian initiated the lease extension process just as her lease was nearing the all-important eighty-year deadline. The legal work completed in July 2006. The landlord’s charges were kept to an absolute minimum.

Rush Green case:

Dr Charlie Phillips was assigned a lease of a basement flat in Rush Green in August 2002. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Comparable residencies in Rush Green with a long lease were worth £275,000. The average ground rent payable was £65 billed annually. The lease terminated on 17 May 2094. Taking into account 68 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of fees.

Decision in Havering

An example of a Lease Extension decision for a Rush Green residence is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired term was 57.5 years.