Stop! Your Lease Extension in Yarmouth Could Be FREE

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Many leaseholders in Yarmouth 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 Yarmouth 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 Yarmouth lease extension

Top reasons for lease extension now:

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

Yarmouth residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Yarmouth with over 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 premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not issue a mortgage with a short lease

Mortgage companies are really restricting their approach as regards to homes in Yarmouth with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the number of prospective buyers.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Leeds Building Society 85 years remaining from the start 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.

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

Lease extensions in Yarmouth can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in lease extensions.

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 in-depth market knowledge procuring Yarmouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Yarmouth Lease Extension Case Summaries:

Callum, Yarmouth, Isle Of Wight

Last Christmas Callum, came dangerously near to the eighty-year mark with the lease on his studio flat in Yarmouth. In buying his property 19 years ago, the unexpired term was of minimal significance. As luck would have it, he noticed he needed to take action soon on Extending the lease. Callum extended the lease just under the wire in June. Callum and the freeholder in the end agreed on sum of £6,000 . If he not met the deadline, the price would have increased by a minimum £900.

Yarmouth case:

In 2009 we were e-mailed by Mr and Mrs. N Ward who, having owned a one bedroom apartment in Yarmouth in April 2008. The question was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical flats in Yarmouth with an extended lease were worth £206,200. The average amount of ground rent was £55 collected annually. The lease terminated on 5 November 2082. Taking into account 56 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of expenses.

Yarmouth case:

In 2014 we were called by Ms L Richardson who, having acquired a one bedroom apartment in Yarmouth in November 2011. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Yarmouth with 100 year plus lease were worth £300,000. The mid-range ground rent payable was £50 invoiced monthly. The lease concluded in 2102. Having 76 years outstanding we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus costs.