Stop! Your Lease Extension in Seaton and Hartley Could Be FREE

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Many leaseholders in Seaton and Hartley 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 Seaton and Hartley 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 commence your Seaton and Hartley lease extension

Top reasons for lease extension now:

A Seaton and Hartley lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in Seaton and Hartley you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Seaton and Hartley with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to lend with a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold homes. Some will simply not lend at all once an unexpired lease term drops lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Seaton and Hartley home.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date 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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Seaton and Hartley lease extension solicitors or enfranchisement solicitors

Engaging our service gives you better control over the value of your Seaton and Hartley leasehold, as your property will be more valuable and saleable in terms of lease length should you decide 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.

Seaton and Hartley Lease Extension Case Studies:

Alfie, Seaton and Hartley, Northumberland

Last year Alfie, started to get close to the eighty-year threshold with the lease on his leasehold apartment in Seaton and Hartley. In buying his home two decades ago, the unexpired term was of no concern. by good luck, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Alfie extended the lease just ahead of time last August. Alfie and the landlord who owned the flat above subsequently settled on a premium of £6,000 . If he not met the deadline, the price would have escalated by at least £1,025.

Seaton and Hartley case:

Ms Sian Nguyen owned a ground floor apartment in Seaton and Hartley in February 2001. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Similar residencies in Seaton and Hartley with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £60 collected quarterly. The lease elapsed on 8 November 2106. Having 80 years left we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of legals.

Seaton and Hartley case:

In 2013 we were e-mailed by Mr and Mrs. R Morris who, having was assigned a lease of a basement flat in Seaton and Hartley in July 1997. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Similar homes in Seaton and Hartley with an extended lease were in the region of £200,800. The mid-range ground rent payable was £65 invoiced yearly. The lease expired in 2086. Having 60 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 not including professional charges.