Stop! Your Lease Extension in Hull Could Be FREE

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Many leaseholders in Hull 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 Hull 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.

Top reasons for Hull lease extension

Main reasons to start your Hull lease extension today:

Increase your lease and increase your Hull property value

The market value of Hull leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is less than eighty years

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not issue a mortgage with a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies would lend on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

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

What makes us experts in Hull lease extensions?

Lease extensions in Hull can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Hull lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hull Lease Extension Case Summaries:

Amber, Hull, East Yorkshire,

Off the back of unsuccessful discussions with the landlord of her basement flat in Hull, Amber commenced the lease extension process as the 80 year threshold was quickly nearing. The transaction was finalised in March 2009. The landlord’s charges were restricted to about 700 pounds.

Hull case:

Mr Adam Allen purchased a recently refurbished apartment in Hull in June 2012. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by 90 years. Identical flats in Hull with an extended lease were in the region of £200,000. The average amount of ground rent was £50 invoiced yearly. The lease ended on 2 November 2103. Taking into account 77 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of expenses.

Hull case:

In 2010 we were phoned by Dr S Gunderson who, having completed a garden flat in Hull in April 2010. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Comparable premises in Hull with an extended lease were worth £265,200. The average amount of ground rent was £65 collected quarterly. The lease elapsed on 18 May 2092. Having 66 years remaining we estimated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of fees.