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Main reasons to commence your Elm Park lease extension

Why you should commence your Elm Park lease extension today:

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

Chances are that where you own a flat in Elm Park you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Elm Park with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value 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 warrant it.

Lending institutions will not finance a property with a short lease

Lending institutions have set criteria when loaning funds charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term drops beneath a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining below seventy years suitable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Elm Park home.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
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.

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

Using our service will provide you better control over the value of your Elm Park leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Elm Park Lease Extension Case Summaries:

Alicia, Elm Park, London,

Following lengthy correspondence with the freeholder of her garden flat in Elm Park, Alicia initiated the lease extension process just as her lease was approaching the all-important eighty-year deadline. The legal work completed in March 2008. The landlord’s costs were restricted to slightly above six hundred pounds.

Elm Park case:

Last Christmas we were phoned by Dr Jacob Rivera , who completed a garden apartment in Elm Park in January 2011. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar flats in Elm Park with 100 year plus lease were valued about £183,600. The mid-range amount of ground rent was £65 collected quarterly. The lease ended in 2082. Taking into account 57 years left we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of fees.

Decision in Havering

An example of a Lease Extension decision for a Elm Park flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.