Lease Extensions

Lease extensions can be complex and time consuming, therefore it is essential that you consult the right people to ensure it is handled correctly and efficiently. At Vanstone Law we have people well equipped to deal with such matters and can ensure everything goes smoothly for you during this process
Lease Extensions

Lease extensions can be complex and time consuming, therefore it is essential that you consult the right people to ensure it is handled correctly and efficiently. At Vanstone Law we have people well equipped to deal with such matters and can ensure everything goes smoothly for you during this process

Residential Conveyancing

Lease Extensions

When you purchase a leasehold property, you are buying the right to live in that property for a certain period of time. For example with some modern leases, you can purchase properties with 99 to 125 years lease terms or with certain household leases they can be up to 999 years.

The main thing to consider is as a lease term gets shorter the value of the lease drops and it becomes more expensive to extend the term. When thinking of selling a leasehold property, you should note that mortgage lenders often have a minimum requirement of the length left on a lease. Therefore, it is the best solution to extend the term of the lease before you sell your property as it will also affect your sale value significantly.

As a buyer, similarly you will want to check the remainder of the lease term on a property before considering whether it is a secure investment or not.

Once you are the registered owner of the property for at least to two years, you have the right to request your lease to be extended. Lease extensions can be complex and it is therefore essential that you consult the right people to ensure it is handled correctly and efficiently. At Vanstone Law our solicitors are ready to deal with such matters to make sure the process is as smooth as possible for you.

The help to buy scheme came into effect in April 2013 by the government to allow people to purchase a home, even if they cannot afford to pay a large deposit up front. The scheme was essentially created to boost the housing market and to give many first time buyers a helping hand with stepping onto the property ladder.

There are two options when purchasing a home through the help-to-buy scheme;

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Contact Vanstone law using the contact form or via the following details and we’ll be in touch to let you know how we can help:

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Equity Loan

This helps buyers secure a 20% equity loan to help fund their purchase, as long as they come up with at least 5% of the deposit, meaning they will apply for 75% mortgage. The loan will be charge-free for the first five years and in the sixth year, a charge will then apply, increasing each year.

Mortgage Lender Guarantee

Typically, mortgage lenders will only lend a maximum of 80% of the property value. Here however, the mortgage lender will get an insurance guarantee from the government which covers any amount exceeding this, allowing them to lend up to 95%. To make sure you are getting a good deal, it is important to seek independent advice from a mortgage advisor since all lenders will price their mortgages individually.

With a small deposit required, buyers can have more funds available to assist with other costs involved in buying a home. The scheme is available throughout the UK and not only just for first time buyers, but for anyone wishing to purchase a home.  With many lenders joining the scheme, this means there is a greater choice available for mortgage options.

To be eligible for the scheme buyers must;

  • Have at least 5% deposit
  • Be looking to purchase a home for £600,000 or less
  • Use the property for their occupation and no other purpose.
  • Not own any other property at the same time.
  • Pass mortgage lenders basic criteria (income checks etc)
  • Apply for a repayment mortgage
  • Able to pay their own legal fees for completing the purchase

The help to buy scheme came into effect in April 2013 by the government to allow people to purchase a home, even if they cannot afford to pay a large deposit up front. The scheme was essentially created to boost the housing market and to give many first time buyers a helping hand with stepping onto the property ladder.

There are two options when purchasing a home through the help-to-buy scheme;

GET IN TOUCH

Contact Vanstone law using the contact form or via the following details and we’ll be in touch to let you know how we can help:

1 Step 1
keyboard_arrow_leftPrevious
Nextkeyboard_arrow_right
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Advice from our legal experts

Vanstone Solicitor’s specialists team has the experience and the expertise you need.
Call us now on or email us on and we will be in touch.

*A free consultation is only redeemable once, and is limited to 20 minutes.

Advice from our legal experts

Vanstone Solicitor’s specialists team has the experience and the expertise you need.
Call us now on or email us on and we will be in touch.

*A free consultation is only redeemable once, and is limited to 20 minutes.