Stop! Your Lease Extension in Marske By The Sea Could Be FREE

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Many leaseholders in Marske By The Sea 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 By The Sea 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 Marske By The Sea lease extension

Why you should commence your Marske By The Sea lease extension today:

A Marske By The Sea lease depreciates with the years remaining on the lease.

The value of Marske By The Sea 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 increase significantly once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in Marske By The Sea with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lenders may not loan monies with a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be mindful that it is likely that someone wishing to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the value of your property could be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires 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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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.

Get in touch with one of our Marske By The Sea lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Marske By The Sea 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.

Marske By The Sea Lease Extension Case Summaries:

Hunter, Marske By The Sea, North Yorkshire,

Hunter was the the leasehold proprietor of a studio apartment in Marske By The Sea on the market with a lease of fraction over 72 years unexpired. Hunter on an informal basis spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Hunter to invoke his statutory right. Hunter procured expert legal guidance and secured an acceptable resolution informally and readily saleable.

Marske By The Sea case:

In 2009 we were approached by Mr and Mrs. L Brooks who, having purchased a studio flat in Marske By The Sea in September 1996. We are asked if we could approximate the price could be for a ninety year extension to my lease. Comparative flats in Marske By The Sea with a long lease were in the region of £203,200. The average ground rent payable was £65 billed every twelve months. The lease concluded on 23 October 2087. Considering the 61 years outstanding we estimated the premium to the landlord for the lease extension to be between £20,000 and £23,000 not including expenses.

Marske By The Sea case:

In 2011 we were approached by Dr Kyle Hernández who, having was assigned a lease of a one bedroom apartment in Marske By The Sea in April 2009. The question was if we could approximate the price would be for a ninety year lease extension. Comparative properties in Marske By The Sea with an extended lease were worth £260,000. The mid-range ground rent payable was £50 collected every twelve months. The lease expired on 8 October 2098. Taking into account 72 years outstanding we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.