Stop! Your Lease Extension in Marske and Upleatham Could Be FREE

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Many leaseholders in Marske and Upleatham 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 Marske and Upleatham 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 commence your Marske and Upleatham lease extension

Main reasons to commence your Marske and Upleatham lease extension today:

A Marske and Upleatham lease depreciates with the years remaining on the lease.

Marske and Upleatham leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Marske and Upleatham residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Marske and Upleatham you really ought to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders may not loan monies with a short lease

Most banks and building societies will be unwilling to lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will likely encounter difficulties to obtain a mortgage and this will result in your Marske and Upleatham property being difficult to dispose of or refinance.

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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
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
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Marske and Upleatham lease extensions?

Using our service will provide you better control over the value of your Marske and Upleatham leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Marske and Upleatham Lease Extension Example Cases:

Leah, Marske and Upleatham, Redcar and Cleveland,

Off the back of lengthy negotiations with the landlord of her purpose-built apartment in Marske and Upleatham, Leah started the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The lease extension was finalised in February 2011. The freeholder’s fees were restricted to approximately six hundred pounds.

Marske and Upleatham case:

Last Winter we were contacted by Mr and Mrs. L Adams , who bought a garden flat in Marske and Upleatham in October 2001. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable homes in Marske and Upleatham with a long lease were worth £265,200. The mid-range ground rent payable was £65 collected yearly. The lease finished on 14 May 2092. Considering the 66 years left we calculated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 not including legals.

Marske and Upleatham case:

In 2010 we were e-mailed by Mr A Ward who, having purchased a garden flat in Marske and Upleatham in April 2003. The question was if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Identical premises in Marske and Upleatham with an extended lease were worth £198,800. The mid-range amount of ground rent was £55 collected monthly. The lease terminated in 2081. Given that there were 55 years remaining we approximated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 not including legals.