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Main reasons to start your Bowes Park lease extension

Main reasons to start your Bowes Park lease extension today:

A Bowes Park leasehold property depreciates with the years remaining on the lease.

The value of Bowes Park 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 substantially once the remaining term is below than 80 years

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

Leasehold premises in Bowes Park with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may decide not to issue a mortgage with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is probable that someone wishing to buy your property in the future might well do, so in the event that they can't get a mortgage, then the value of your property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

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.
Godiva Mortgages 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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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 Bowes Park lease extensions?

Regardless of whether you are a tenant or a freeholder in Bowes Park,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bowes Park valuers.

Bowes Park Lease Extension Example Cases:

Adam, Bowes Park, North London,

Adam owned a conversion apartment in Bowes Park on the market with a lease of a few days over 61 years outstanding. Adam informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 yearly. Ordinarily, ground rent would not be payable on a lease extension were Adam to exercise his statutory right. Adam procured expert legal guidance and secured satisfactory deal informally and sell the property.

Bowes Park case:

In 2013 we were called by Mr and Mrs. J Bernard who, having owned a one bedroom flat in Bowes Park in February 1995. The question was if we could estimate the premium would likely be to extend the lease by ninety years. Similar flats in Bowes Park with a long lease were valued about £200,000. The average amount of ground rent was £50 billed every twelve months. The lease finished in 2102. Considering the 77 years unexpired we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.

Decision in Haringey

An example of a Lease Extension decision for a Bowes Park property is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case related to 1 flat. The number of years remaining on the existing lease(s) was 81.79 years.