Stop! Your Lease Extension in Eden Park Could Be FREE

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Many leaseholders in Eden Park 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 Eden Park 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 Eden Park lease extension

Why you should commence your Eden Park lease extension today:

Increase your lease and increase your Eden Park property value

For anyone whose Eden Park property is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension.

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

Leasehold premises in Eden Park with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

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

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will cause difficulties as and when you need to sell or remortgage your property as it will be practically unmortgageable. Even though you might have no immediate plan to sell but when you do your buyer will need to hold off for two years before they can commence the legal procedures for an extension to the lease.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.

Why use us for your lease extension in Eden Park?

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

Eden Park Lease Extension Example Cases:

Alexander, Eden Park, South East London

16 months ago Alexander, started to get near to the 80-year mark with the lease on his purpose- built apartment in Eden Park. Having purchased his flat 18 years previously, the unexpired term was of minimal bearing. Thankfully, he noticed he needed to take steps soon on a lease extension. Alexander was able to extend his lease just ahead of time in July. Alexander and the landlord ultimately settled on the final figure of £6,000 . If the lease had slid to less than 80 years, the sum would have become more costly by a minimum £950.

Eden Park case:

Last year we were approach by Dr Katherine Anderson , who was assigned a lease of a one bedroom apartment in Eden Park in July 1996. We are asked if we could approximate the price would be to prolong the lease by an additional years. Identical flats in Eden Park with 100 year plus lease were worth £260,000. The average ground rent payable was £50 collected annually. The lease elapsed on 2 March 2098. Taking into account 72 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.

Decision in Bromley

An example of a Freehold Enfranchisement case for a Eden Park residence is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case was in relation to 2 flats. The unexpired residue of the current lease was 76.75 and 88.83.