Why you should start your Eden Park lease extension

Main reasons to commence your Eden Park lease extension today:

Increase your lease and increase your Eden Park property value

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

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not finance a property on a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone intending to buy your property in the future might well do, so in the event that they can't get a mortgage, then the value of your property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to accept

Get in touch with one of our Eden Park lease extension solicitors or enfranchisement solicitors

Engaging our service gives you better control over the value of your Eden Park leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Eden Park Lease Extension Example Cases:

Thomas, Eden Park, South East London

Last October Thomas, started to get close to the eighty-year mark with the lease on his leasehold apartment in Eden Park. Having bought his home 18 years previously, the length of the lease was of no concern. Fortunately, he recognised he needed to take action soon on Extending the lease. Thomas was able to extend his lease just in the nick of time in August. Thomas and the freeholder ultimately settled on an amount of £5,000 . If the lease had slipped lower than eighty years, the amount would have gone up by a minimum £1,025.

Eden Park case:

Last month we were approach by Mr and Mrs. K Moreau , who moved into a garden apartment in Eden Park in March 2006. We are asked if we could approximate the premium could be for a ninety year lease extension. Comparable flats in Eden Park with a long lease were in the region of £245,000. The mid-range ground rent payable was £50 collected every twelve months. The lease expired on 1 January 2094. Given that there were 68 years as a residual term we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.