Stop! Your Lease Extension in Greasby Could Be FREE

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

Why you should start your Greasby lease extension today:

A Greasby leasehold property depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Greasby. Inevitably, the length of lease left reduces over time. This may pass by relatively unnoticed when the property has to be disposed of or refinanced. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Greasby have the right to extend the lease for a further ninety years in accordance with statute. Please give careful deliberation before delaying your Greasby lease extension. Holding off that expense now simply increases the price you will ultimately incur for a lease extension

Greasby property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

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

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This will cause difficulties as and when you wish to sell or refinance your property as it will be effectively unmortgageable. Even though you may not have an imminent intention to sell but when you do your buyer will need to hold off for 2 years before being able to initiate the legal procedures for a lease extension.

Lender Requirement
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.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.

Why use us for your lease extension in Greasby?

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

Greasby Lease Extension Example Cases:

Gemma, Greasby, Merseyside,

Subsequent to lengthy discussions with the freeholder of her purpose-built apartment in Greasby, Gemma initiated the lease extension process just as her lease was approaching the critical eighty-year deadline. The transaction was concluded in January 2009. The freeholder’s charges were negotiated to slightly above 650 GBP.

Greasby case:

In 2009 we were e-mailed by Dr D Watson who, having took over the lease of a first floor apartment in Greasby in June 2002. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Similar homes in Greasby with 100 year plus lease were in the region of £242,600. The mid-range ground rent payable was £45 collected per annum. The lease elapsed in 2093. Given that there were 67 years as a residual term we calculated the premium to the landlord to extend the lease to be within £11,400 and £13,200 exclusive of legals.

Greasby case:

In 2012 we were called by Mr George Mercier who, having completed a one bedroom apartment in Greasby in February 2012. The question was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Identical properties in Greasby with an extended lease were valued around £280,000. The average amount of ground rent was £55 collected quarterly. The lease expiry date was in 2104. Taking into account 78 years unexpired we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus costs.