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Get a quote from one of our lease extension experts with over 20 years experience.

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Main reasons to commence your Grove Park lease extension

Why you should start your Grove Park lease extension today:

Increase your lease and increase your Grove Park property value

Grove Park residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

Leasehold residencies in Grove Park with over one hundred years left on the lease are sometimes regarded as a ‘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 upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may not grant a mortgage on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically lenders would lend on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

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.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Grove Park?

Lease extensions in Grove Park can be a difficult process. We recommend you secure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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 dealing with Grove Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Grove Park Lease Extension Example Cases:

Lewis, Grove Park, South East London

Last Summer Lewis, came precariously close to the eighty-year threshold with the lease on his purpose- built flat in Grove Park. In buying his flat two decades ago, the length of the lease was of little concern. Thankfully, he noticed he would imminently be paying way over the odds for a lease extension. Lewis was able to extend his lease at the eleventh hour last July. Lewis and the landlord eventually settled on the final figure of £6,000 . If he had missed the deadline, the amount would have become more exhorbitant by a minimum £975.

Grove Park case:

In 2012 we were phoned by Mr Stanley François who, having bought a newly refurbished flat in Grove Park in June 1995. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Identical homes in Grove Park with an extended lease were in the region of £280,000. The mid-range ground rent payable was £55 billed monthly. The lease expired in 2103. Having 78 years outstanding we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of expenses.

Decision in Lewisham

An example of a Lease Extension case for a Grove Park property is 49 Woodstock Court Burnt Ash Hill in May 2012. the payment of £64,116 by the leaseholder was the premium which the Tribunal found due for the lease extension in this case. This case related to 1 flat. The remaining number of years on the lease was 23.26 years.