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 lease depreciates with the years remaining on the lease.

Victoria Park residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

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

Leasehold properties in Victoria Park with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not loan monies on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This will cause difficulties as and when you need to dispose of or refinance your property as it will be effectively unmortgageable. You may not have an immediate intention to sell but when you do your buyer must hold off for two years before being able to exercise the right to a an extension to the lease.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society 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.
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.

What makes us experts in Victoria Park lease extensions?

Lease extensions in Victoria Park can be a difficult process. We recommend you obtain professional help 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 a wealth of experience dealing with Victoria Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Victoria Park Lease Extension Example Cases:

Michael, Victoria Park, Cardiff

During the course of the last few months Michael, started to get close to the 80-year threshold with the lease on his purpose- built apartment in Victoria Park. In buying his property two decades ago, the unexpired term was of minimal importance. Luckily, he recognised he needed to take steps soon on Extending the lease. Michael arranged for a lease extension just ahead of time last March. Michael and the landlord eventually settled on a premium of £5,500 . If he not met the deadline, the amount would have gone up by a minimum £1,125.

Victoria Park case:

Last Summer we were phoned by Mr U Thompson , who took over the lease of a one bedroom flat in Victoria Park in August 2012. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Similar homes in Victoria Park with an extended lease were worth £252,800. The mid-range ground rent payable was £65 collected yearly. The lease expired in 2091. Given that there were 65 years as a residual term we approximated the premium to the landlord for the lease extension to be within £18,100 and £20,800 not including fees.

Victoria Park case:

In 2012 we were contacted by Mrs Daisy Cook who, having took over the lease of a basement flat in Victoria Park in October 2005. The question was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparative residencies in Victoria Park with a long lease were valued about £191,400. The average ground rent payable was £55 collected annually. The lease elapsed in 2080. Considering the 54 years left we calculated the compensation to the landlord to extend the lease to be between £34,200 and £39,600 not including fees.