Stop! Your Lease Extension in Victoria Park Could Be FREE

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Many leaseholders in Victoria 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 Victoria 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.

Why you should start your Victoria Park lease extension

Main reasons to commence your Victoria Park lease extension today:

A Victoria Park leasehold property depreciates with the years remaining on the lease.

Unfortunately that a Victoria Park residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Victoria Park property prices.Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under 80 years - otherwise a higher premium will be payable. The majority of leasehold owners in Victoria Park will be able to extend under the legislation; however a conveyancer should be able to clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the process.

Victoria Park property with a lease extension has roughly the same value as a freehold

Leasehold premises in Victoria Park with in excess of 100 years remaining on the lease are sometimes referred to as ‘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 to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders may not loan monies with a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider lending on it. Regardless of whether you require a mortgage, you should be mindful that it is likely that someone wishing to buy your property in the future might well do, so in the event that they are not able to secure a mortgage, then the value of the property could be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Lender Requirement
Birmingham Midshires 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.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

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.

Why use us for your lease extension in Victoria Park?

Regardless of whether you are a tenant or a freeholder in Victoria Park,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Victoria Park valuers.

Victoria Park Lease Extension Example Cases:

Joshua, Victoria Park, Cardiff

In 2014 Joshua, started to get near to the eighty-year threshold with the lease on his garden flat in Victoria Park. Having bought his property two decades ago, the length of the lease was of little bearing. Fortunately, he became aware that he would soon be paying an inflated amount for Extending the lease. Joshua was able to extend his lease just under the wire last April. Joshua and the freeholder via the management company eventually agreed on sum of £5,000 . If he not met the deadline, the price would have escalated by a minimum £975.

Victoria Park case:

Mr and Mrs. N Michel bought a studio flat in Victoria Park in January 2005. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparative residencies in Victoria Park with an extended lease were worth £275,000. The mid-range ground rent payable was £45 billed annually. The lease expired on 12 August 2095. Considering the 69 years outstanding we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of expenses.

Victoria Park case:

Mr and Mrs. D Wilson took over the lease of a recently refurbished flat in Victoria Park in March 2010. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Identical homes in Victoria Park with a long lease were in the region of £216,000. The average ground rent payable was £60 billed monthly. The lease elapsed on 10 June 2084. Having 58 years as a residual term we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including legals.