Stop! Your Lease Extension in Guisborough Could Be FREE

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Many leaseholders in Guisborough 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 Guisborough 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 Guisborough lease extension

Main reasons to start your Guisborough lease extension today:

A Guisborough lease depreciates with the years remaining on the lease.

The only way is down when it comes to Guisborough lease terms. Guisborough leaseholds that have a lease term less than than 80 years will reduce in value at a rapid rate, and the cost of extending your lease will go up.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not finance a property on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This may be problematic once you need to sell or remortgage your property as it will be practically unmortgageable. Even though you may have no immediate desire to sell but when you do your buyer must hold off for 2 years before they can exercise the right to a a lease extension.

Lender Requirement
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.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset 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.

Get in touch with one of our Guisborough lease extension solicitors or enfranchisement solicitors

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

Guisborough Lease Extension Example Cases:

Nathan, Guisborough, North Yorkshire

14 months ago Nathan, came very near to the eighty-year mark with the lease on his ground floor flat in Guisborough. In buying his flat two decades ago, the unexpired term was of little relevance. by good luck, he realised he needed to take steps soon on Extending the lease. Nathan was able to extend his lease just under the wire in April. Nathan and the freeholder via the managing agents in the end agreed on the final figure of £5,000 . If the lease had fallen to less than eighty years, the figure would have become more exhorbitant by at least £975.

Guisborough case:

In 2012 we were e-mailed by Mr B Anderson who, having took over the lease of a first floor flat in Guisborough in May 2012. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical residencies in Guisborough with a long lease were worth £280,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease terminated on 4 June 2104. Having 78 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including expenses.

Guisborough case:

Last Spring we were called by Dr Jason Sharif , who owned a ground floor apartment in Guisborough in August 2011. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Similar homes in Guisborough with an extended lease were valued around £191,000. The average ground rent payable was £65 invoiced quarterly. The lease terminated in 2084. Taking into account 58 years as a residual term we calculated the premium to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of expenses.