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Why you should start your Bowes Park lease extension


Why you should commence your Bowes Park lease extension today:

A Bowes Park lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Bowes Park. Clearly, the term of lease remaining reduces over time. This is often overlooked and only becomes a problem when the residence has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension. Eligible leaseholders in Bowes Park have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do give due consideration before putting off your Bowes Park lease extension. Putting off the cost now likely increases the price you will ultimately incur to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold premises in Bowes Park with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to issue a mortgage on a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold property. Many will simply not lend at all once the remaining lease term slips under a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your Bowes Park property.

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.
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
Nationwide Building Society Our minimum unexpired lease term is 55 years subject to at least 30 years remaining at the end of the mortgage term.
Report to the issuing office if the lease term is shorter than that stated on the offer and has less than 100 years remaining. (There is no requirement to report if the lease term is lower than that stated on the offer but still has 100 years or more to run, or if the lease term is longer than that stated on the offer).

NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term is less than 125 years on a new build flat or 250 years on a new build house (does not apply to Shared Ownership)
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.
Skipton Building Society 85 years from the date of completion of the mortgage



The Mortgage Works Minimum unexpired lease term is 70 years with 30 years remaining at the end of the mortgage term. Report to the issuing office if the lease term is shorter than that stated within the Offer and has less than 100 years remaining.(There is no requirement to report if the lease term is lower than that stated on the Offer but still has 100 years or more to run, or if the lease term is longer than that stated on the Offer).

NEW BUILD PROPERTIES (includes office conversions)
The following are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
- Starting ground rent is more than 0.1% of the property value
The lease must be amended to comply with the above. If not the case cannot proceed. Please advise us where the case cannot proceed.
Ground rents and event fees:
Ground rent and other event fees must be reasonable at all times during the lease term. For example, it is acceptable for ground rent escalation to be linked to RPI (Retail Price Index) or a similar index and where this is the case we do not need to be advised. However, unreasonable multipliers of ground rent will not be permitted, for example, doubling every 5, 10 or 15 years. These must be referred to us and we will advise if our mortgage offer remains valid. If you are unsure as to whether the terms of a lease are unreasonable, please refer the details to us.

What makes us experts in Bowes Park lease extensions?

The conveyancing solicitors that we work with undertake Bowes Park 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 conveyancing solicitor we work with provide it.

Bowes Park Lease Extension Case Studies:

Lauren, Bowes Park, North London,

After protracted negotiations with the landlord of her leasehold apartment in Bowes Park, Lauren commenced the lease extension process just as the lease was nearing the all-important eighty-year mark. The lease extension was concluded in January 2015. The freeholder’s costs were negotiated to approximately 500 pounds.

Bowes Park case:

In 2009 we were called by Dr S Reed who, having was assigned a lease of a studio flat in Bowes Park in July 2000. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative homes in Bowes Park with 100 year plus lease were worth £189,000. The average ground rent payable was £55 collected monthly. The lease finished in 2072. Taking into account 53 years remaining we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus fees.

Decision in Haringey

An example of a Lease Extension decision for a Bowes Park flat is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case was in relation to 1 flat. The unexpired lease term was 81.79 years.