Stop! Your Lease Extension in Yarm Could Be FREE

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Many leaseholders in Yarm 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 Yarm 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 start your Yarm lease extension

Top reasons for lease extension now:

A Yarm lease depreciates with the years remaining on the lease.

The value of Yarm leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than 80 years

Yarm property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not issue a mortgage on a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be granted. This has resulted in the unexpired lease term required by banks has increased. In the past mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

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.
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.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
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 Yarm lease extensions?

Retaining our service gives you enhanced control over the value of your Yarm leasehold, as your property will be more valuable and saleable in relation to the 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.

Yarm Lease Extension Case Summaries:

Elijah, Yarm, County Durham

Two years ago Elijah, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Yarm. Having purchased his property twenty years ago, the unexpired term was of no importance. Fortunately, he recognised he needed to take action soon on a lease extension. Elijah was able to extend his lease just under the wire last January. Elijah and the landlord in the end settled on the final figure of £6,000 . If the lease had descended below eighty years, the sum would have increased by a minimum £1,050.

Yarm case:

Last July we were contacted by Mr Riley François , who purchased a first floor apartment in Yarm in March 1998. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparable premises in Yarm with an extended lease were in the region of £206,200. The average amount of ground rent was £60 invoiced monthly. The lease concluded on 10 September 2082. Having 56 years left we approximated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.

Yarm case:

In 2011 we were approached by Mr and Mrs. A Moreau who, having completed a garden apartment in Yarm in August 2000. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar homes in Yarm with an extended lease were valued about £300,000. The average amount of ground rent was £50 collected quarterly. The lease expiry date was in 2102. Given that there were 76 years outstanding we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus fees.