Why you should commence 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

The only way is down when it comes to Eden Park lease terms. Eden Park flats that have a lease term shorter than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will rise.

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

Leasehold premises in Eden Park with over one hundred 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 home. 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 on a short lease

Mortgage companies are really restricting their approach as regards to homes in Eden Park with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

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

Engaging our service will provide you increased control over the value of your Eden Park leasehold, as your property will be more valuable and marketable in terms of lease length should you decide 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.

Eden Park Lease Extension Case Summaries:

Ashleigh, Eden Park, South East London,

Following unsuccessful discussions with the freeholder of her two bedroom flat in Eden Park, Ashleigh commenced the lease extension process just as her lease was nearing the crucial eighty-year threshold. The transaction was concluded in June 2008. The freeholder’s charges were kept to an absolute minimum.

Eden Park case:

Last year we were phoned by Mr and Mrs. N Robinson , who acquired a ground floor apartment in Eden Park in October 2003. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar residencies in Eden Park with an extended lease were worth £200,800. The average ground rent payable was £65 billed quarterly. The lease expired in 2086. Considering the 60 years left we calculated the premium to the landlord to extend the lease to be within £20,900 and £24,200 plus expenses.