Main reasons to commence your Park Royal lease extension

Why you should start your Park Royal lease extension today:

A Park Royal leasehold property depreciates with the years remaining on the lease.

For those whose Park Royal flat is held on a long lease, our message is clear – if you ignore the situation, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension.

An extended lease is almost the same value as a freehold

Leasehold properties in Park Royal with more than one hundred years remaining 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 to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may not loan monies on a short lease

Many mortgage lenders insist on a lengthy amount of time left on any leasehold residence before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone intending to purchase your property in the future might well do, so if they can't get a mortgage, then the value of your property could be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Park Royal?

Lease extensions in Park Royal can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 Park Royal lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Park Royal Lease Extension Example Cases:

Alexandra, Park Royal, North West London,

Trailing lengthy discussions with the freeholder of her leasehold flat in Park Royal, Alexandra started the lease extension process just as her lease was nearing the crucial 80-year mark. The transaction was finalised in October 2008. The freeholder’s charges were kept to an absolute minimum.

Park Royal case:

In 2013 we were called by Dr C Rodríguez who, having moved into a recently refurbished apartment in Park Royal in October 2003. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable flats in Park Royal with an extended lease were valued about £189,000. The average amount of ground rent was £55 collected per annum. The lease concluded on 20 April 2079. Taking into account 53 years unexpired we approximated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of legals.