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Why you should commence your Grove Park lease extension


Main reasons to start your Grove Park lease extension today:

Increase your lease and increase your Grove Park property value

As the length of the unexpired term of a Grove Park residential lease lessens so does its value and therefore the value of your property. Where the lease has, beyond 125 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. Most flat owners in Grove Park will qualify for this right; nevertheless a lawyer should be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Grove Park with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may not grant a mortgage on a short lease

Banks and building societies are distinct in their lending criteria. Some draw the line at 75 years outstanding on the lease; others may be prepared to lend with anything over seventy years. With less than 60 years, it may be challenging to get a mortgage at all.

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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Grove Park lease extensions?

Lease extensions in Grove Park can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Grove Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Grove Park Lease Extension Example Cases:

Matthew, Grove Park, South East London,

Matthew was the the leasehold proprietor of a high value apartment in Grove Park on the market with a lease of a few days over fifty eight years unexpired. Matthew on an informal basis approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Matthew to exercise his statutory right. Matthew obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Grove Park case:

Last March we were contacted by Dr Harry Clark , who was assigned a lease of a one bedroom apartment in Grove Park in February 2009. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparable flats in Grove Park with 100 year plus lease were worth £255,000. The mid-range ground rent payable was £50 invoiced monthly. The lease lapsed in 2096. Given that there were 71 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of costs.

Decision in Lewisham

An example of a Lease Extension case for a Grove Park flat is 49 Woodstock Court Burnt Ash Hill in May 2012. the payment of £64,116 by the leaseholder was the premium which the Tribunal found due for the lease extension in this case. This case related to 1 flat. The unexpired term as at the valuation date was 23.26 years.