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

Get a Free Case Review
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

Main reasons to start your Bush Hill Park lease extension today:

Increase your lease and increase your Bush Hill Park property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Bush Hill Park. Clearly, the term of lease left shortens as time goes by. This may slip by relatively unnoticed when the flat or house needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension. Qualifying long lease owners in Bush Hill Park have the right to extend the lease for an additional 90 years under statute. Do give due attention before putting off your Bush Hill Park lease extension. Holding off the cost now simply increases the price you will eventually have to pay for a lease extension

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lenders will not loan monies on a short lease

Almost all banks and building societies will be unwilling to lend on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt find it difficult to obtain a mortgage and this will result in your Bush Hill Park property being difficult to dispose of or to obtain finance 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.
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.
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.
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 Bush Hill Park lease extensions?

Lease extensions in Bush Hill Park can be a difficult process. We recommend you secure professional help from a conveyancer and valuer 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 in-depth market knowledge dealing with Bush Hill Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bush Hill Park Lease Extension Example Cases:

Sebastian, Bush Hill Park, North London

During the course of the last few months Sebastian, came seriously close to the 80-year threshold with the lease on his leasehold flat in Bush Hill Park. Having purchased his home 18 years previously, the unexpired term was of minimal interest. Fortunately, it dawned on him that he needed to take action soon on Extending the lease. Sebastian was able to extend his lease just in the nick of time last January. Sebastian and the freeholder via the management company ultimately agreed on the final figure of £6,000 . If he not met the deadline, the price would have gone up by a minimum £1,150.

Bush Hill Park case:

Mr Kian Khan took over the lease of a first floor apartment in Bush Hill Park in October 2006. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Comparable residencies in Bush Hill Park with an extended lease were valued about £235,200. The average ground rent payable was £45 invoiced every twelve months. The lease concluded in 2092. Having 66 years left we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus professional charges.

Decision in Haringey

An example of a Lease Extension decision for a Bush Hill Park residence 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 remaining number of years on the lease was 81.79 years.