Stop! Your Lease Extension in Gidea Park Could Be FREE

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Many leaseholders in Gidea 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 Gidea 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.

Top reasons for Gidea Park lease extension

Main reasons to commence your Gidea Park lease extension today:

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

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

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

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not finance a property on a short lease

Mortgage Lenders differ in their lending criteria. Some set the bar at seventy five years remaining on the lease; others may be content with anything in excess 70 years. Below sixty years, it may be problematic to obtain a mortgage in the first place.

Lender Requirement
Barnsley Building Society
Chelsea Building Society
Coventry Building Society
National Westminster Bank
Skipton Building Society

Why use us for your lease extension in Gidea Park?

The conveyancing solicitors that we work with procure Gidea Park lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Gidea Park Lease Extension Case Studies:

Isabella, Gidea Park, London,

Trailing lengthy discussions with the landlord of her purpose-built apartment in Gidea Park, Isabella initiated the lease extension process as the eighty year threshold was swiftly approaching. The legal work was finalised in February 2015. The freeholder’s fees were restricted to under 650 GBP.

Gidea Park case:

Last Autumn we were e-mailed by Mr E Martínez , who completed a one bedroom apartment in Gidea Park in August 2011. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar homes in Gidea Park with 100 year plus lease were worth £256,600. The average amount of ground rent was £60 billed monthly. The lease ran out on 26 February 2078. Considering the 52 years outstanding we estimated the premium to the freeholder to extend the lease to be between £41,800 and £48,400 exclusive of expenses.

Decision in Havering

An example of a Lease Extension case for a Gidea 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 unexpired term was 57.5 years.