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Top reasons for Elm Park lease extension

Main reasons to start your Elm Park lease extension today:

A Elm Park lease depreciates with the years remaining on the lease.

Elm Park residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lenders will not issue a mortgage with a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be inadequate for lending purposes.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

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

Using our service will provide you better control over the value of your Elm Park leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Elm Park Lease Extension Case Summaries:

Mason, Elm Park, London

Half a year ago Mason, started to get close to the 80-year threshold with the lease on his basement flat in Elm Park. Having purchased his home two decades ago, the length of the lease was of little relevance. Luckily, he noticed he would imminently be paying an inflated amount for Extending the lease. Mason arranged for a lease extension just under the wire last March. Mason and the landlord who owned the flat above in the end agreed on the final figure of £5,000 . If he failed to meet the deadline, the sum would have become more exhorbitant by a minimum £850.

Elm Park case:

Last November we were called by Mr and Mrs. T Bertrand , who was assigned a lease of a newly refurbished apartment in Elm Park in July 2010. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative flats in Elm Park with a long lease were in the region of £235,200. The average ground rent payable was £45 collected monthly. The lease concluded in 2091. Having 66 years unexpired we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.

Decision in Havering

An example of a Lease Extension case for a Elm Park premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The unexpired term as at the valuation date was 57.5 years.