Stop! Your Lease Extension in Park Royal Could Be FREE

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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.

Main reasons to commence your Park Royal lease extension

Top reasons for lease extension now:

Increase your lease and increase your Park Royal property value

The value of Park Royal leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is less than 80 years

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

It is generally accepted that a property with more than 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 residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage with a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as deficient security.

Lender Requirement
Barnsley Building Society
Godiva Mortgages
National Westminster Bank
Santander
The Mortgage Works

What makes us experts in Park Royal lease extensions?

The lawyers that we work with handle Park Royal 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 Royal Lease Extension Example Cases:

Thomas, Park Royal, North West London

In 2014 Thomas, came critically close to the eighty-year mark with the lease on his basement flat in Park Royal. In buying his flat 19 years previously, the unexpired term was of little importance. As luck would have it, it dawned on him that he would soon be paying an escalated premium for a lease extension. Thomas arranged for a lease extension just in the nick of time last April. Thomas and the landlord who owned the flat above eventually agreed on an amount of £6,000 . If the lease had gone lower than 80 years, the figure would have increased by at least £925.

Park Royal case:

Last month we were contacted by Ms Amy Watson , who moved into a one bedroom apartment in Park Royal in May 2012. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Similar residencies in Park Royal with 100 year plus lease were valued about £210,000. The average amount of ground rent was £50 billed monthly. The lease elapsed in 2106. Considering the 80 years outstanding we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.

Decision in Ealing

An example of a Lease Extension decision for a Park Royal flat 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 related to 1 flat. The unexpired term as at the valuation date was 28.42 years.