Stop! Your Lease Extension in Yate Could Be FREE

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Many leaseholders in Yate 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 Yate 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 Yate lease extension

Why you should start your Yate lease extension today:

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

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

An extended lease has roughly the same value as a freehold

Leasehold properties in Yate with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may not loan monies on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. In the past lenders would grant a mortgage on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Engaging our service will provide you better control over the value of your Yate 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.

Yate Lease Extension Case Summaries:

Nathan, Yate, Gloucestershire

Two years ago Nathan, came perilously close to the 80-year threshold with the lease on his one bedroom apartment in Yate. Having purchased his flat twenty years ago, the lease term was of minimal bearing. As luck would have it, he noticed he would soon be paying an escalated premium for Extending the lease. Nathan was able to extend his lease just in the nick of time last May. Nathan and the landlord who owned the flat above eventually agreed on an amount of £6,000 . If he not met the deadline, the premium would have escalated by at least £1,100.

Yate case:

Mr and Mrs. E Wilson was assigned a lease of a newly refurbished flat in Yate in September 1999. We are asked if we could approximate the premium would be to extend the lease by 90 years. Identical homes in Yate with a long lease were worth £295,000. The mid-range ground rent payable was £45 invoiced annually. The lease concluded on 12 September 2100. Considering the 74 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus professional charges.

Yate case:

Dr B Edwards acquired a purpose-built flat in Yate in January 1999. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Yate with 100 year plus lease were worth £243,000. The mid-range ground rent payable was £65 invoiced quarterly. The lease ended in 2089. Considering the 63 years unexpired we calculated the premium to the landlord for the lease extension to be between £20,000 and £23,000 not including expenses.