Why you should commence your Eden Park lease extension

Main reasons to start your Eden Park lease extension today:

A Eden Park leasehold property depreciates with the years remaining on the lease.

Eden Park leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Eden Park residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Eden Park you really ought to investigate if your lease has between 70 and 90 years remaining. There are good reasons why a Eden Park leaseholder with a lease having around eighty years remaining should take steps to make sure that a lease extension is effected without delay

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

It is generally accepted that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders may decide not to loan monies with a short lease

The propensity since over the last decade has been for lenders to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by lenders has increased. In the past mortgage companies were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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

Regardless of whether you are a tenant or a freeholder in Eden Park,the lease extension lawyers 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:

Abbie, Eden Park, South East London,

Following lengthy discussions with the freeholder of her ground floor apartment in Eden Park, Abbie commenced the lease extension process as the eighty year mark was fast approaching. The legal work completed in July 2010. The landlord’s fees were kept to an absolute minimum.

Eden Park case:

In 2012 we were phoned by Dr H Evans who, having purchased a newly refurbished flat in Eden Park in January 2002. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Comparable properties in Eden Park with 100 year plus lease were valued around £285,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease expiry date was on 22 September 2105. Given that there were 79 years outstanding we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.