Stop! Your Lease Extension in Eden Park Could Be FREE

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Many leaseholders in Eden 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 Eden 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.

Main reasons to start your Eden Park lease extension

Main reasons to start your Eden Park lease extension today:

Increase your lease and increase your Eden Park property value

The market value of Eden Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is below than 80 years

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

Leasehold residencies in Eden Park with more than one hundred years left 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 home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may not finance a property on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable security.

Lender Requirement
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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Yorkshire 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.

What makes us experts in Eden Park lease extensions?

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

Eden Park Lease Extension Case Summaries:

Morgan, Eden Park, South East London,

Trailing lengthy negotiations with the freeholder of her purpose-built flat in Eden Park, Morgan initiated the lease extension process just as her lease was nearing the all-important eighty-year deadline. The lease extension was finalised in September 2009. The landlord’s costs were negotiated to about 600 pounds.

Eden Park case:

In 2014 we were called by Mr and Mrs. P Carter who, having purchased a basement apartment in Eden Park in May 1996. The question was if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Comparable flats in Eden Park with an extended lease were worth £218,000. The mid-range ground rent payable was £45 collected yearly. The lease expired on 16 July 2089. Taking into account 63 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 plus expenses.

Decision in Bromley

An example of a Freehold Enfranchisement matter before the tribunal for a Eden Park property is 26 Manor Road in July 2010. the Tribunal decided that price to be paid for the freehold was £12,420 This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 76.75 and 88.83.