Stop! Your Lease Extension in Crosby Could Be FREE

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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 commence your Crosby lease extension

Main reasons to commence your Crosby lease extension today:

Increase your lease and increase your Crosby property value

Crosby residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not grant a mortgage with a short lease

Lending institutions have set criteria when lending monies charged on leasehold homes. Many will simply not lend at all once the remaining lease term goes lower than a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are wanting to refinance your Crosby property.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start 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.

Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Crosby lease extensions?

The conveyancers that we work with procure Crosby 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.

Crosby Lease Extension Example Cases:

Jayden, Crosby, Merseyside

Last Winter Jayden, started to get close to the 80-year threshold with the lease on his one bedroom flat in Crosby. Having bought his property two decades ago, the unexpired term was of no interest. Thankfully, he became aware that he needed to take action soon on Extending the lease. Jayden was able to extend his lease at the eleventh hour last March. Jayden and the freeholder eventually agreed on sum of £5,500 . If he not met the deadline, the amount would have become more exhorbitant by at least £900.

Crosby case:

Last Spring we were approach by Ms G Martínez , who moved into a purpose-built flat in Crosby in November 2012. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparable properties in Crosby with 100 year plus lease were valued around £205,000. The average ground rent payable was £50 collected every twelve months. The lease concluded in 2104. Given that there were 78 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including costs.

Crosby case:

Last year we were approach by Mr and Mrs. S Ramírez , who purchased a purpose-built flat in Crosby in October 2005. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Similar residencies in Crosby with a long lease were valued around £267,600. The average amount of ground rent was £65 invoiced per annum. The lease came to a finish on 3 March 2093. Having 67 years outstanding we approximated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 plus expenses.