Stop! Your Lease Extension in Hornsea Could Be FREE

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Many leaseholders in Hornsea 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 Hornsea 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 Hornsea lease extension

Why you should start your Hornsea lease extension today:

Increase your lease and increase your Hornsea property value

The only way is down when it comes to Hornsea lease terms. Hornsea leaseholds that have a residual term shorter than eighty years will de-escalate in market price even faster, and the cost to extend your lease will increase.

Hornsea property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not grant a mortgage with a short lease

Banks and Building Societies are less likely to give a loan offer on a domestic property in Hornsea with a short lease. Many lenders simply refuse a mortgage on leases with under 75 years remaining.

Lender Requirement
Barnsley Building Society
Coventry Building Society
Leeds Building Society
Virgin
Yorkshire Building Society

Why use us for your lease extension in Hornsea?

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

Hornsea Lease Extension Case Studies:

Maisie, Hornsea, East Yorkshire,

After unsuccessful correspondence with the landlord of her garden apartment in Hornsea, Maisie initiated the lease extension process just as the lease was nearing the critical 80-year deadline. The transaction completed in April 2014. The landlord’s costs were negotiated to approximately 500 GBP.

Hornsea case:

In 2011 we were called by Mrs S Young who, having moved into a first floor flat in Hornsea in July 2009. The question was if we could estimate the price would be for a ninety year extension to my lease. Similar premises in Hornsea with a long lease were worth £270,000. The average ground rent payable was £55 collected per annum. The lease elapsed on 6 August 2100. Taking into account 74 years left we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.

Hornsea case:

Last Winter we were contacted by Mr and Mrs. M Edwards , who was assigned a lease of a studio apartment in Hornsea in March 2002. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Similar residencies in Hornsea with a long lease were worth £166,400. The average ground rent payable was £60 invoiced quarterly. The lease ran out on 11 September 2080. Given that there were 54 years left we estimated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of expenses.