Stop! Your Lease Extension in Park Hill Could Be FREE

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Many leaseholders in Park Hill 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 Park Hill 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 start your Park Hill lease extension

Why you should start your Park Hill lease extension today:

A Park Hill lease depreciates with the years remaining on the lease.

The market value of Park Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold premises in Park Hill with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

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

Banks and Building Societies are less likely to grant a mortgage on a residential flat in Park Hill with a short lease. Many lenders simply refuse a mortgage on leases with below 75 years left.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
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 Park Hill?

The lawyers that we work with procure Park Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Park Hill Lease Extension Example Cases:

Madeleine, Park Hill, South Yorkshire,

Trailing lengthy discussions with the freeholder of her garden apartment in Park Hill, Madeleine started the lease extension process as the eighty year deadline was fast coming. The legal work was finalised in March 2006. The freeholder’s charges were restricted to below 450 GBP.

Park Hill case:

Mr and Mrs. T Davis acquired a newly refurbished flat in Park Hill in January 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparable premises in Park Hill with an extended lease were in the region of £265,200. The mid-range amount of ground rent was £65 collected per annum. The lease concluded on 20 February 2092. Considering the 66 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 plus expenses.

Park Hill case:

In 2011 we were approached by Mr and Mrs. S Wood who, having acquired a garden apartment in Park Hill in November 2001. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Identical flats in Park Hill with 100 year plus lease were in the region of £198,800. The average amount of ground rent was £55 invoiced every twelve months. The lease concluded on 10 July 2081. Considering the 55 years left we estimated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of costs.