Stop! Your Lease Extension in Harold Park Could Be FREE

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Many leaseholders in Harold 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 Harold 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.

Top reasons for Harold Park lease extension

Top reasons for lease extension now:

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

The market value of Harold 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 significantly once the remaining term is less than eighty years

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

It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may not lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get nervous at around 75 years. This may cause difficulties once you need to sell or refinance your flat as it will be practically unmortgageable. Even though you might have no imminent intention to sell but when you do your buyer will need to hold off for 2 years before being able to initiate the legal procedures for a lease extension.

Lender Requirement
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.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.
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.

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

Engaging our service will provide you increased control over the value of your Harold Park leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Harold Park Lease Extension Case Studies:

Chelsea, Harold Park, London,

Following protracted discussions with the freeholder of her one bedroom flat in Harold Park, Chelsea started the lease extension process just as the lease was nearing the all-important eighty-year mark. The legal work was concluded in January 2007. The landlord’s fees were restricted to below 650 pounds.

Harold Park case:

Last October we were called by Mr and Mrs. D Morel , who acquired a purpose-built apartment in Harold Park in June 2003. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Identical flats in Harold Park with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 invoiced annually. The lease expired on 14 June 2102. Given that there were 76 years left we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.

Decision in Havering

An example of a Lease Extension decision for a Harold Park flat 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 related to 1 flat. The unexpired term was 57.5 years.