Main reasons to commence your Manor Park lease extension

Main reasons to start your Manor Park lease extension today:

Increase your lease and increase your Manor Park property value

On the balance of probabilities where you own a flat in Manor Park you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not issue a mortgage on a short lease

Lending institutions have set criteria when lending funds secured on leasehold homes. Some will simply refrain from lending at all once the remaining lease term slips lower than a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining below seventy years as adequate security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Manor Park property.

What makes us experts in Manor Park lease extensions?

Lease extensions in Manor Park can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in this area.

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 a wealth of experience procuring Manor Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Manor Park Lease Extension Example Cases:

Freddie, Manor Park, London,

Freddie was the the leasehold proprietor of a high value apartment in Manor Park being sold with a lease of a little over 59 years remaining. Freddie on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Freddie to exercise his statutory right. Freddie obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Manor Park case:

Mr and Mrs. H Clarke acquired a ground floor apartment in Manor Park in May 2003. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparable residencies in Manor Park with a long lease were valued around £227,800. The mid-range ground rent payable was £45 invoiced annually. The lease concluded in 2091. Taking into account 65 years outstanding we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus fees.