Stop! Your Lease Extension in Beverley Could Be FREE

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Many leaseholders in Beverley 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 Beverley 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 Beverley lease extension

Why you should commence your Beverley lease extension today:

Increase your lease and increase your Beverley property value

Chances are that where you own a flat in Beverley you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Beverley with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to lend on a short lease

Banks and Building Societies have specific criteria when loaning funds charged on leasehold homes. Some will simply refrain from lending at all once the residual lease term slips beneath a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining below 75 years suitable security. As well as impacting your ability to sell, it is also relevant if you are intending to remortgage your Beverley property.

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.
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
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.

What makes us experts in Beverley lease extensions?

Regardless of whether you are a tenant or a landlord in Beverley,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Beverley valuers.

Beverley Lease Extension Example Cases:

Ella, Beverley, East Yorkshire,

Trailing lengthy correspondence with the freeholder of her ground floor apartment in Beverley, Ella started the lease extension process as the eighty year deadline was fast approaching. The transaction completed in March 2008. The freeholder’s costs were negotiated to below five hundred GBP.

Beverley case:

Mr Caleb Alexander was assigned a lease of a one bedroom flat in Beverley in July 2007. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by 90 years. Identical homes in Beverley with an extended lease were worth £173,800. The mid-range ground rent payable was £60 billed monthly. The lease terminated in 2081. Given that there were 55 years remaining we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of professional charges.

Beverley case:

In 2013 we were contacted by Mr A Clarke who, having bought a one bedroom flat in Beverley in August 2006. The dilemma was if we could estimate the price would be to extend the lease by ninety years. Comparative residencies in Beverley with a long lease were valued about £235,200. The average ground rent payable was £45 billed annually. The lease termination date was on 4 January 2092. Having 66 years left we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.