Stop! Your Lease Extension in Snaith Could Be FREE

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Many leaseholders in Snaith 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 Snaith 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 Snaith lease extension

Main reasons to commence your Snaith lease extension today:

Increase your lease and increase your Snaith property value

Snaith 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 which entitles qualifying Snaith residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Snaith you should see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

Snaith property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not grant a mortgage with a short lease

Nearly all mortgage lenders will not grant a mortgage on a lease with less than 70 years remaining - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Snaith property becoming difficult to dispose of or remortgage.

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.
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Snaith lease extension solicitors or enfranchisement solicitors

Lease extensions in Snaith can be a difficult process. We recommend you obtain professional help from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Snaith lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Snaith Lease Extension Example Cases:

Caleb, Snaith, East Yorkshire

Half a year ago Caleb, came perilously near to the eighty-year threshold with the lease on his ground floor apartment in Snaith. Having purchased his flat 19 years previously, the lease term was of minimal concern. Thankfully, he realised he needed to take steps soon on a lease extension. Caleb extended the lease just in the nick of time last August. Caleb and the freeholder via the management company eventually settled on sum of £6,000 . If he not met the deadline, the premium would have gone up by at least £900.

Snaith case:

In 2009 we were e-mailed by Dr L Bell who, having took over the lease of a recently refurbished apartment in Snaith in August 2000. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Identical homes in Snaith with a long lease were valued around £280,000. The mid-range amount of ground rent was £55 collected monthly. The lease ran out on 16 May 2103. Having 77 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 plus professional charges.

Snaith case:

In 2012 we were contacted by Mr Leon Nguyen who, having owned a one bedroom flat in Snaith in January 2009. The question was if we could estimate the premium could be for a ninety year lease extension. Comparative flats in Snaith with 100 year plus lease were worth £183,600. The mid-range ground rent payable was £65 invoiced quarterly. The lease came to a finish on 7 February 2083. Taking into account 57 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including fees.