Stop! Your Lease Extension in Bush Hill Park Could Be FREE

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Many leaseholders in Bush Hill 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 Bush Hill 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 Bush Hill Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bush Hill Park property value

Bush Hill Park leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Bush Hill Park enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Bush Hill Park you should investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

Bush Hill Park property with a lease extension is almost the same value as a freehold

Leasehold residencies in Bush Hill Park with over 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 circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

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

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to become jittery at around 75 years. This will be problematic when you wish to dispose of or refinance your property as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your purchaser must wait two years before they can start the legal procedures for a lease extension.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Godiva Mortgages 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.
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.

What makes us experts in Bush Hill Park lease extensions?

Regardless of whether you are a tenant or a freeholder in Bush Hill Park,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bush Hill Park valuers.

Bush Hill Park Lease Extension Example Cases:

Lily, Bush Hill Park, North London,

Subsequent to lengthy negotiations with the landlord of her studio flat in Bush Hill Park, Lily commenced the lease extension process as the eighty year mark was swiftly approaching. The legal work was finalised in February 2006. The freeholder’s fees were kept to an absolute minimum.

Bush Hill Park case:

Last year we were called by Mr S Gunderson , who took over the lease of a purpose-built apartment in Bush Hill Park in May 2006. The dilemma was if we could estimate the premium would be for a ninety year lease extension. Comparative premises in Bush Hill Park with an extended lease were valued around £250,000. The mid-range ground rent payable was £50 collected quarterly. The lease end date was on 4 August 2096. Given that there were 70 years left we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.

Decision in Haringey

An example of a Lease Extension decision for a Bush Hill Park premises 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 affected 1 flat. The number of years remaining on the existing lease(s) was 81.79 years.