Stop! Your Lease Extension in Ulceby Could Be FREE

Get a Free Case Review
Many leaseholders in Ulceby 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 Ulceby 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 start your Ulceby lease extension

Top reasons for lease extension now:

A Ulceby leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Ulceby you actually own a long leasehold interest over your property

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

Leasehold premises in Ulceby with in excess of one hundred years remaining on the lease are often referred to as ‘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 to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not grant a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to homes in Ulceby with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus limiting the amount of potential purchasers.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start 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.
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.

What makes us experts in Ulceby lease extensions?

Retaining our service will provide you better control over the value of your Ulceby leasehold, as your property will be more valuable and saleable in terms of lease length should you want 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.

Ulceby Lease Extension Example Cases:

Holly, Ulceby, Lincolnshire,

Following lengthy negotiations with the landlord of her basement flat in Ulceby, Holly initiated the lease extension process just as the lease was nearing the crucial eighty-year threshold. The legal work completed in April 2008. The landlord’s costs were negotiated to less than 600 GBP.

Ulceby case:

Last Christmas we were e-mailed by Mr and Mrs. O Laurent , who moved into a basement apartment in Ulceby in May 2010. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical homes in Ulceby with 100 year plus lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease ended on 1 September 2099. Considering the 73 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.

Ulceby case:

Last Autumn we were contacted by Mr and Mrs. M Hill , who acquired a one bedroom apartment in Ulceby in October 1998. We are asked if we could estimate the price would be to extend the lease by an additional years. Comparable residencies in Ulceby with a long lease were valued about £240,600. The average amount of ground rent was £65 invoiced yearly. The lease concluded in 2088. Taking into account 62 years remaining we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including expenses.