Stop! Your Lease Extension in North Hykeham Could Be FREE

Get a Free Case Review
Many leaseholders in North Hykeham 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 North Hykeham 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 North Hykeham lease extension

Main reasons to commence your North Hykeham lease extension today:

A North Hykeham lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in North Hykeham. Inevitably, the term of lease remaining shortens as time goes by. This is often overlooked and only becomes a problem when the flat or house has to be sold or refinanced. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in North Hykeham have the legal entitlement to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Do give due consideration before delaying your North Hykeham lease extension. Putting off that expense now likely increases the price you will eventually incur for a lease extension

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be insufficient security.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires 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.

Why use us for your lease extension in North Hykeham?

Regardless of whether you are a tenant or a landlord in North Hykeham,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with North Hykeham valuers.

North Hykeham Lease Extension Example Cases:

Jessica, North Hykeham, Lincolnshire,

Off the back of lengthy negotiations with the freeholder of her ground floor apartment in North Hykeham, Jessica commenced the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The legal work was finalised in September 2006. The landlord’s fees were kept to an absolute minimum.

North Hykeham case:

Mrs Georgina Lefèvre bought a purpose-built flat in North Hykeham in March 2000. The dilemma was if we could estimate the price would likely be to prolong the lease by ninety years. Comparative homes in North Hykeham with a long lease were in the region of £205,000. The mid-range ground rent payable was £50 collected every twelve months. The lease ran out in 2105. Having 79 years left we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus legals.

North Hykeham case:

Last month we were approach by Mr Tyler Rivera , who took over the lease of a ground floor apartment in North Hykeham in September 2011. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Comparable residencies in North Hykeham with an extended lease were valued about £275,000. The mid-range ground rent payable was £65 invoiced annually. The lease concluded on 11 June 2094. Given that there were 68 years remaining we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus professional charges.