Stop! Your Lease Extension in Acklam Could Be FREE

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Many leaseholders in Acklam 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 Acklam 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.

Why you should start your Acklam lease extension

Why you should start your Acklam lease extension today:

Increase your lease and increase your Acklam property value

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Acklam. Clearly, the term of lease remaining shortens over time. This may slip by relatively unnoticed when the flat or house needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Acklam have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. You should give careful attention before delaying your Acklam lease extension. Holding off that expense now only increases the price you will eventually have to pay for a lease extension

Acklam property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not lend on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are deemed to be deficient security.

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.
Bank of Scotland 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.
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.

Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Acklam lease extensions?

The conveyancers that we work with handle Acklam 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 conveyancing solicitor we work with provide it.

Acklam Lease Extension Example Cases:

Cameron, Acklam, North Yorkshire,

Cameron was the the leasehold owner of a studio flat in Acklam being sold with a lease of a little over fifty eight years remaining. Cameron on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Cameron to exercise his statutory right. Cameron procured expert advice and was able to make a more informed decision and handle with the matter and sell the flat.

Acklam case:

In 2013 we were approached by Mrs Jasmine Phillips who, having purchased a newly refurbished apartment in Acklam in July 1999. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparable flats in Acklam with 100 year plus lease were worth £254,200. The average ground rent payable was £60 billed quarterly. The lease ended in 2077. Given that there were 51 years left we approximated the premium to the landlord for the lease extension to be within £43,700 and £50,600 not including professional charges.

Acklam case:

Mr and Mrs. E Thomas took over the lease of a basement apartment in Acklam in August 2008. The question was if we could estimate the price would be for a 90 year extension to my lease. Identical residencies in Acklam with an extended lease were in the region of £215,600. The average ground rent payable was £45 invoiced monthly. The lease ran out in 2088. Having 62 years remaining we calculated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 exclusive of legals.