Stop! Your Lease Extension in Mablethorpe Could Be FREE

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Many leaseholders in Mablethorpe 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 Mablethorpe 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 Mablethorpe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Mablethorpe property value

On the balance of probabilities where you own a flat in Mablethorpe you actually own a long leasehold interest over your property

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

It is generally considered that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will 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 will cause difficulties when you wish to sell or refinance your flat as it will be practically unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer will need to hold off for 2 years before being able to exercise the right to a an extension to the lease.

Lender Requirement
Accord Mortgages 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.
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.
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 75 years plus the term of the mortgage at the outset of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Mablethorpe lease extensions?

Using our service will provide you enhanced control over the value of your Mablethorpe leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Mablethorpe Lease Extension Example Cases:

Archie, Mablethorpe, Lincolnshire

Two years ago Archie, came perilously near to the eighty-year threshold with the lease on his purpose- built apartment in Mablethorpe. Having purchased his flat 18 years ago, the lease term was of little importance. Fortunately, he realised he would soon be paying way over the odds for Extending the lease. Archie arranged for a lease extension at the eleventh hour in August. Archie and the freeholder subsequently settled on sum of £6,000 . If the lease had gone below eighty years, the sum would have increased by at least £1,150.

Mablethorpe case:

In 2014 we were phoned by Mrs W Rodríguez who, having moved into a basement apartment in Mablethorpe in May 2005. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Identical properties in Mablethorpe with 100 year plus lease were valued about £300,000. The average ground rent payable was £50 collected monthly. The lease lapsed in 2101. Given that there were 75 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.

Mablethorpe case:

In 2013 we were e-mailed by Mr and Mrs. S Norbert who, having acquired a one bedroom flat in Mablethorpe in October 2001. The dilemma was if we could estimate the price could be for a 90 year lease extension. Identical homes in Mablethorpe with an extended lease were valued about £250,400. The average amount of ground rent was £65 billed per annum. The lease elapsed on 18 January 2090. Taking into account 64 years unexpired we approximated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 plus legals.