Stop! Your Lease Extension in Tibshelf Could Be FREE

Get a Free Case Review
Many leaseholders in Tibshelf 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 Tibshelf 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 Tibshelf lease extension

Main reasons to start your Tibshelf lease extension today:

A Tibshelf leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Tibshelf you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage on a short lease

Mortgage lenders have set criteria when loaning funds secured on leasehold homes. Some will simply refuse lend at all once an unexpired lease term drops beneath a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Tibshelf home.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
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.

Why use us for your lease extension in Tibshelf?

The conveyancing solicitors that we work with undertake Tibshelf lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Tibshelf Lease Extension Case Summaries:

Courtney, Tibshelf, Derbyshire,

Subsequent to lengthy negotiations with the freeholder of her basement flat in Tibshelf, Courtney initiated the lease extension process as the eighty year mark was quickly nearing. The lease extension was concluded in October 2006. The landlord’s charges were kept to an absolute minimum.

Tibshelf case:

Last Christmas we were called by Mr J Rodríguez , who was assigned a lease of a purpose-built apartment in Tibshelf in August 2004. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Comparative premises in Tibshelf with 100 year plus lease were valued around £196,400. The mid-range ground rent payable was £55 billed monthly. The lease expiry date was in 2080. Given that there were 54 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £34,200 and £39,600 not including legals.

Tibshelf case:

Last Winter we were approach by Mr and Mrs. C Wilson , who moved into a basement flat in Tibshelf in September 2008. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparable homes in Tibshelf with 100 year plus lease were worth £295,000. The mid-range amount of ground rent was £45 collected yearly. The lease ran out on 4 November 2100. Taking into account 74 years as a residual term we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.