Harold Park Lease Extension - Free Consultation

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Top reasons for Harold Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Harold Park property value

When it comes to domestic leasehold property in Harold Park, you are actually buying a right to live in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially once there are fewer than 80 years remaining. Leasehold owners in Harold Park with a lease drawing near to 81 years left should seriously think of extending it without delay. When a lease has fewer than 80 years outstanding, under the current Act the landlord is entitled to calculate and levy a larger amount, assessed on a technical calculation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

Leasehold residencies in Harold Park with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lenders may decide not to loan monies on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as deficient security.

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.
Leeds Building Society 85 years remaining from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
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 Harold Park lease extension solicitors or enfranchisement solicitors

Engaging our service gives you increased control over the value of your Harold Park leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Harold Park Lease Extension Case Summaries:

Lucas, Harold Park, London

18 months ago Lucas, started to get near to the 80-year threshold with the lease on his studio apartment in Harold Park. In buying his property 18 years previously, the lease term was of little significance. by good luck, he became aware that he needed to take action soon on Extending the lease. Lucas was able to extend his lease just in the nick of time last September. Lucas and the landlord ultimately agreed on an amount of £6,000 . If the lease had slid below 80 years, the sum would have increased by at least £900.

Harold Park case:

In 2009 we were contacted by Dr O Clark who, having was assigned a lease of a purpose-built apartment in Harold Park in September 2004. We are asked if we could approximate the premium could be to extend the lease by 90 years. Similar flats in Harold Park with a long lease were worth £257,800. The mid-range ground rent payable was £65 invoiced per annum. The lease end date was in 2089. Having 65 years remaining we estimated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including legals.

Decision in Havering

An example of a Lease Extension case for a Harold Park property 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 as at the valuation date was 57.5 years.