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Top reasons for Alexandra Park lease extension

Why you should commence your Alexandra Park lease extension today:

Increase your lease and increase your Alexandra Park property value

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

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

Leasehold premises in Alexandra Park with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘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 buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to finance a property on a short lease

Most mortgage lenders insist on a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone wishing to purchase your property in the future might well do, so in the event that they are unable to get a mortgage, then the value of your property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

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.
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
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

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

Irrespective of whether you are a tenant or a landlord in Alexandra Park,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Alexandra Park valuers.

Alexandra Park Lease Extension Case Summaries:

Anna, Alexandra Park, North London,

Off the back of lengthy negotiations with the landlord of her studio apartment in Alexandra Park, Anna started the lease extension process just as her lease was nearing the critical eighty-year deadline. The lease extension was concluded in September 2014. The landlord’s fees were negotiated to approximately 700 pounds.

Alexandra Park case:

In 2011 we were called by Mrs Alexandra Torres who, having completed a garden flat in Alexandra Park in September 2001. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparable properties in Alexandra Park with a long lease were in the region of £240,600. The mid-range ground rent payable was £60 billed monthly. The lease elapsed in 2087. Having 62 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 plus legals.

Decision in Haringey

An example of a Lease Extension decision for a Alexandra Park flat is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case affected 1 flat. The unexpired term was 65.21 years.