Stop! Your Lease Extension in Crosby Could Be FREE

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

Main reasons to start your Crosby lease extension today:

Increase your lease and increase your Crosby property value

Crosby residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies with a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties where you wish to sell your flat in Crosby if the remaining term of your lease is under the criteria set by most banks and building societies. Different lenders have varying criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

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.
Leeds Building Society 85 years remaining from the start of the mortgage.
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
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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 Crosby lease extension solicitors or enfranchisement solicitors

Lease extensions in Crosby can be a difficult process. We recommend you get professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Crosby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Crosby Lease Extension Example Cases:

Victoria, Crosby, Merseyside,

Trailing protracted correspondence with the freeholder of her leasehold apartment in Crosby, Victoria commenced the lease extension process as the eighty year deadline was rapidly coming. The transaction was concluded in November 2015. The freeholder’s charges were kept to an absolute minimum.

Crosby case:

In 2012 we were called by Mr and Mrs. I Moore who, having purchased a newly refurbished flat in Crosby in November 2007. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparable premises in Crosby with an extended lease were worth £233,200. The average amount of ground rent was £60 collected monthly. The lease came to a finish in 2087. Considering the 61 years outstanding we calculated the premium to the landlord for the lease extension to be between £22,800 and £26,400 plus expenses.

Crosby case:

In 2011 we were approached by Mr and Mrs. G Rodríguez who, having bought a garden apartment in Crosby in January 1995. We are asked if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative properties in Crosby with 100 year plus lease were valued around £171,800. The average amount of ground rent was £55 invoiced per annum. The lease terminated in 2076. Taking into account 50 years outstanding we estimated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 not including costs.