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 commence your Hornsea lease extension

Why you should commence your Hornsea lease extension today:

Increase your lease and increase your Hornsea property value

Chances are that if you own a flat in Hornsea you actually own a long leasehold interest over your property

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

Leasehold residencies in Hornsea with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders may not grant a mortgage with a short lease

Most mortgage companies will not lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties to obtain a mortgage and this could result in your Hornsea property becoming difficult to sell or to obtain finance on.

Lender Requirement
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
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.

Why use us for your lease extension in Hornsea?

The conveyancers that we work with procure Hornsea 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.

Hornsea Lease Extension Case Summaries:

Louise, Hornsea, East Yorkshire,

Following lengthy correspondence with the landlord of her ground floor apartment in Hornsea, Louise initiated the lease extension process as the eighty year mark was quickly coming. The legal work was concluded in August 2006. The freeholder’s charges were restricted to below 600 GBP.

Hornsea case:

In 2014 we were approached by Dr A Dupont who, having owned a basement apartment in Hornsea in November 2000. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative residencies in Hornsea with an extended lease were in the region of £250,000. The mid-range ground rent payable was £50 collected annually. The lease ran out in 2095. Having 69 years left we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.

Hornsea case:

In 2009 we were e-mailed by Dr Teddy Harris who, having owned a first floor flat in Hornsea in June 2004. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Similar properties in Hornsea with a long lease were valued about £285,000. The mid-range amount of ground rent was £55 collected quarterly. The lease expiry date was on 26 May 2105. Taking into account 79 years remaining we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of costs.