Stop! Your Lease Extension in Markyate Could Be FREE

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Many leaseholders in Markyate 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 Markyate 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 start your Markyate lease extension

Top reasons for lease extension now:

Increase your lease and increase your Markyate property value

The value of Markyate leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is less than eighty years

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

It is generally accepted that a property with more than 100 years remaining is worth roughly the same 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 ahead.

Lending institutions will not grant a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they are unable to obtain a mortgage, then the financial worth of your property will likely be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
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 Markyate?

The lawyers that we work with handle Markyate 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 lawyer we work with provide it.

Markyate Lease Extension Case Studies:

Connor, Markyate, Hertfordshire,

Connor owned a 2 bedroom apartment in Markyate on the market with a lease of a little over 72 years remaining. Connor informally approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Connor to exercise his statutory right. Connor procured expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.

Markyate case:

In 2014 we were contacted by Mr and Mrs. W Ward who, having took over the lease of a basement flat in Markyate in August 2003. The question was if we could approximate the price could be to extend the lease by an additional years. Comparative residencies in Markyate with an extended lease were worth £210,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease elapsed in 2106. Having 80 years left we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.

Markyate case:

In 2012 we were phoned by Mr F Flores who, having moved into a recently refurbished apartment in Markyate in August 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by a further 90 years. Comparative flats in Markyate with a long lease were valued around £280,000. The mid-range ground rent payable was £45 collected yearly. The lease ran out in 2095. Given that there were 69 years as a residual term we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of costs.