Bowes Park Lease Extension - Free Consultation

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Why you should commence your Bowes Park lease extension


Why you should start your Bowes Park lease extension today:

Increase your lease and increase your Bowes Park property value

Chances are that if you own a flat in Bowes Park you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not finance a property on a short lease

Mortgage lenders have set criteria when loaning funds charged on leasehold property. Many will simply not lend at all once an unexpired lease term falls below a certain unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Bowes Park home.

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.
Chelsea 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.
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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Bowes Park lease extensions?

Irrespective of whether you are a tenant or a landlord in Bowes 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 in-depth market knowledge and the close ties they enjoy with Bowes Park valuers.

Bowes Park Lease Extension Example Cases:

Georgina, Bowes Park, North London,

In the wake of 6 months of unsuccessful negotiations with the landlord of her ground floor apartment in Bowes Park, Georgina commenced the lease extension process just as her lease was approaching the critical 80-year mark. The lease extension was concluded in March 2013. The landlord’s charges were kept to an absolute minimum.

Bowes Park case:

Last Spring we were phoned by Dr Imogen Campbell , who owned a newly refurbished flat in Bowes Park in January 1999. The dilemma was if we could approximate the premium would be to prolong the lease by a further 90 years. Identical homes in Bowes Park with 100 year plus lease were valued around £191,400. The mid-range ground rent payable was £55 invoiced every twelve months. The lease came to a finish in 2073. Considering the 54 years unexpired we approximated the premium to the landlord to extend the lease to be between £34,200 and £39,600 plus professional charges.

Decision in Haringey

An example of a Lease Extension case for a Bowes Park property 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 term was 81.79 years.