Grahame Park Lease Extension - Free Consultation

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Why you should commence your Grahame Park lease extension

Why you should start your Grahame Park lease extension today:

Increase your lease and increase your Grahame Park property value

Grahame Park leases on domestic properties are gradually losing value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Grahame Park will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In certain cases you may not qualify. There are prescribed timetables and formalities to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to loan monies with a short lease

Most mortgage lenders require a lengthy amount of time left on any leasehold property before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should be conscious that it is probable that someone wanting to purchase your property in the future might well do, so where they are not able to secure a mortgage, then the market price of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

Lender Requirement
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.
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

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

Irrespective of whether you are a tenant or a landlord in Grahame Park,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Grahame Park valuers.

Grahame Park Lease Extension Example Cases:

Ryan, Grahame Park, North London,

Ryan owned a high value apartment in Grahame Park being marketed with a lease of a little over sixty years left. Ryan on an informal basis contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ryan to exercise his statutory right. Ryan procured expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.

Grahame Park case:

Mr and Mrs. Y Laurent acquired a garden apartment in Grahame Park in September 2010. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparable properties in Grahame Park with a long lease were in the region of £290,000. The mid-range ground rent payable was £60 collected monthly. The lease finished in 2100. Given that there were 80 years left we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus expenses.

Decision in Barnet

An example of a Freehold Enfranchisement decision for a Grahame Park property is 1 & 1A Sunningfields Crescent in September 2013. The Tribunals calculation of the amount to be paid into court in respect of the value of the freehold interest is £11,997 in respect of Flat 1 and £15,781 in respect of Flat 1A for a total of £27,778. This case affected 2 flats. The unexpired term as at the valuation date was 71.5 years.