Why you should start your Eden Park lease extension

Why you should commence your Eden Park lease extension today:

Increase your lease and increase your Eden Park property value

For those whose Eden Park flat is held on a long lease, the message is clear – if you do nothing, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to procure a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions will not grant a mortgage on a short lease

Lenders are making their criteria more stringent and many now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Eden Park were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

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 experience and the close ties they enjoy with Eden Park valuers.

Eden Park Lease Extension Example Cases:

Edward, Eden Park, South East London

During the course of the last few months Edward, came seriously close to the eighty-year mark with the lease on his studio apartment in Eden Park. In buying his home two decades ago, the unexpired term was of no concern. Luckily, it dawned on him that he needed to take action soon on Extending the lease. Edward extended the lease just ahead of time last September. Edward and the landlord who owned the flat above eventually agreed on a premium of £5,500 . If the lease had gone below 80 years, the price would have gone up by at least £1,050.

Eden Park case:

Last Summer we were phoned by Mr and Mrs. R Davies , who bought a one bedroom flat in Eden Park in June 1995. The question was if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparable residencies in Eden Park with 100 year plus lease were valued about £261,600. The mid-range amount of ground rent was £60 invoiced monthly. The lease ran out on 28 November 2078. Taking into account 52 years unexpired we calculated the premium to the freeholder to extend the lease to be within £39,000 and £45,000 plus expenses.