Stop! Your Lease Extension in Park Royal Could Be FREE

Get a Free Case Review
Many leaseholders in Park Royal 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 Royal 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.

Top reasons for Park Royal lease extension

Top reasons for lease extension now:

Increase your lease and increase your Park Royal property value

The only way is down when it comes to Park Royal lease terms. Park Royal flats that have a residual term fewer than 80 years will de-escalate in market price at a rapid rate, and the cost of extending your lease will rise.

Park Royal property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may not finance a property on a short lease

The trend since over the last decade has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the unexpired lease term required by lenders has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Lender Requirement
Accord Mortgages 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
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
Royal Bank of Scotland Mortgage term plus 30 years.
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.

Get in touch with one of our Park Royal lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you better control over the value of your Park Royal leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Park Royal Lease Extension Case Summaries:

Isabel, Park Royal, North West London,

Subsequent to protracted correspondence with the landlord of her one bedroom flat in Park Royal, Isabel started the lease extension process as the eighty year threshold was swiftly nearing. The transaction was finalised in January 2010. The landlord’s fees were kept to an absolute minimum.

Park Royal case:

Mrs U Moore moved into a one bedroom apartment in Park Royal in August 2007. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparable properties in Park Royal with 100 year plus lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected yearly. The lease terminated in 2105. Given that there were 79 years unexpired we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including expenses.

Decision in Ealing

An example of a Lease Extension decision for a Park Royal property is 99 Connell Crescent in May 2013. the Tribunal held that the relevant sum for the purposes of the lease extension should be £72,566 to be paid by the leaseholder This case was in relation to 1 flat. The unexpired residue of the current lease was 28.42 years.