Tower Hill Lease Extension - Free Consultation

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

Let them guide you for FREE on the various options available to you.

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Top reasons for Tower Hill lease extension

Main reasons to start your Tower Hill lease extension today:

Increase your lease and increase your Tower Hill property value

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

Tower Hill property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders will not grant a mortgage with a short lease

Lenders are inclined not grant a mortgage on short residential leases. You are likely to encounter problems if you wish to sell your flat in Tower Hill if the unexpired lease term is below the criteria set by the majority of lenders. Different lenders have varying criteria but generally they are looking for an unexpired term of at least seventy years.

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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank 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 Tower Hill lease extension solicitors or enfranchisement solicitors

The lawyers that we work with undertake Tower Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Tower Hill Lease Extension Case Studies:

Hunter, Tower Hill, London,

Hunter owned a conversion flat in Tower Hill on the market with a lease of just over fifty eight years remaining. Hunter informally spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Hunter to exercise his statutory right. Hunter obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Tower Hill case:

In 2010 we were approached by Mr and Mrs. M Ramírez who, having took over the lease of a one bedroom flat in Tower Hill in March 2005. The dilemma was if we could estimate the price would likely be to extend the lease by an additional years. Comparable residencies in Tower Hill with 100 year plus lease were valued around £200,800. The mid-range amount of ground rent was £65 invoiced yearly. The lease terminated on 13 February 2085. Having 60 years unexpired we calculated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 plus costs.

Decision in Tower Hamlets

An example of a Freehold Enfranchisement matter before the tribunal for a Tower Hill property is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case affected 41 flats. The unexpired lease term was 107 years.