Stop! Your Lease Extension in Hessle Could Be FREE

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Many leaseholders in Hessle 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 Hessle 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 start your Hessle lease extension

Main reasons to start your Hessle lease extension today:

A Hessle lease depreciates with the years remaining on the lease.

The market value of Hessle leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to loan monies with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will be problematic as and when you come to dispose of or refinance your flat as it will be practically unmortgageable. Even though you might not have an immediate intention to sell but when you do your purchaser must wait a couple of years before being able to commence the legal procedures for a lease extension.

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.
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.
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.

Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Yorkshire 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.

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

Engaging our service gives you enhanced control over the value of your Hessle leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hessle Lease Extension Example Cases:

Alexander, Hessle, East Yorkshire,

Alexander was the the leasehold owner of a studio apartment in Hessle being sold with a lease of just over sixty years remaining. Alexander on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be payable on a lease extension were Alexander to invoke his statutory right. Alexander procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Hessle case:

In 2013 we were called by Mr F Thompson who, having took over the lease of a newly refurbished flat in Hessle in April 2008. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Hessle with 100 year plus lease were in the region of £267,600. The mid-range ground rent payable was £65 collected monthly. The lease elapsed in 2093. Given that there were 67 years remaining we approximated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 plus costs.

Hessle case:

Last Winter we were e-mailed by Dr Max Davis , who took over the lease of a one bedroom flat in Hessle in March 2011. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Identical properties in Hessle with 100 year plus lease were worth £206,200. The mid-range amount of ground rent was £60 collected annually. The lease finished on 28 June 2082. Given that there were 56 years left we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of costs.