Unfortunately that a Highams Park residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Highams Park property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be due. Most leasehold owners in Highams Park will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.
Leasehold properties in Highams Park with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Skipton Building Society |
Lease extensions in Highams Park can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
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 dealing with Highams Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Hugo was the the leasehold owner of a high value flat in Highams Park on the market with a lease of a few days over 72 years outstanding. Hugo informally contacted his freeholder a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Hugo to exercise his statutory right. Hugo procured expert advice and secured an acceptable deal informally and readily saleable.
In 2014 we were called by Dr H Nguyen who, having completed a first floor apartment in Highams Park in February 1999. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparative flats in Highams Park with an extended lease were valued about £198,800. The average ground rent payable was £55 invoiced per annum. The lease terminated on 21 June 2081. Having 55 years left we approximated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 not including costs.
An example of a Freehold Enfranchisement decision for a Highams Park premises is 48 Greenleaf Road in December 2009. the lessees sought to exercise their right to purchase the freehold from the landlord by way of collective enfranchisement in accordance with the Leasehold Reform Housing and Urban Development Act 1993.The landlord could not be found.A vesting order was granted from the Bow County Court on 10 September 2007 (Claim No: 8BO04141). The Tribunal held that the premium to be paid was £3,850 This case related to 2 flats. The number of years remaining on the existing lease(s) was 104 years.