Stop! Your Lease Extension in Grahame Park Could Be FREE

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Many leaseholders in Grahame 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 Grahame 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.

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 residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Grahame Park enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Grahame Park you would be well advised to see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Mortgage lenders have set criteria when lending monies secured on leasehold homes. Many will simply refrain from lending at all once the remaining lease term goes lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are seeking to remortgage your Grahame Park home.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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.

Why use us for your lease extension in Grahame Park?

Irrespective of whether you are a tenant or a freeholder in Grahame 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 Grahame Park valuers.

Grahame Park Lease Extension Example Cases:

Victoria, Grahame Park, North London,

In the wake of 6 months of protracted discussions with the freeholder of her basement apartment in Grahame Park, Victoria commenced the lease extension process as the eighty year deadline was quickly coming. The transaction was finalised in March 2010. The landlord’s charges were restricted to about 500 pounds.

Grahame Park case:

Last Summer we were called by Dr S Clarke , who purchased a first floor flat in Grahame Park in June 2001. The question was if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Similar flats in Grahame Park with 100 year plus lease were valued about £200,800. The mid-range ground rent payable was £65 collected every twelve months. The lease finished on 10 February 2086. Having 60 years unexpired we calculated the compensation to the landlord for the lease extension to be between £20,900 and £24,200 not including fees.

Decision in Barnet

An example of a Freehold Enfranchisement case for a Grahame Park premises 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 related to 2 flats. The unexpired term was 71.5 years.