Stop! Your Lease Extension in Rise Park Could Be FREE

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Many leaseholders in Rise Park 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 Rise Park 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 Rise Park lease extension

Top reasons for lease extension now:

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

Rise Park leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Rise Park enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Rise Park you must see if your lease has between seventy and ninety years remaining. There are compelling reasons why a Rise Park flat owner with a lease having around 80 years remaining should take action to make sure that a lease extension is put in place without delay

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.

Lenders will not lend on a short lease

Many banks and building societies require a lengthy amount of time left on any leasehold residence before they will consider lending on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of the property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
Halifax 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.

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

Retaining our service will provide you enhanced control over the value of your Rise Park leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Rise Park Lease Extension Case Summaries:

Phoebe, Rise Park, London,

After lengthy discussions with the landlord of her garden flat in Rise Park, Phoebe initiated the lease extension process just as her lease was coming close to the crucial 80-year deadline. The legal work was finalised in October 2009. The freeholder’s fees were restricted to under six hundred GBP.

Rise Park case:

Last month we were contacted by Mrs S Rogers , who owned a recently refurbished flat in Rise Park in January 2011. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Similar residencies in Rise Park with an extended lease were worth £189,000. The average amount of ground rent was £55 billed yearly. The lease expiry date was in 2079. Taking into account 53 years unexpired we estimated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 exclusive of expenses.

Decision in Lewisham

An example of a Lease Extension case for a Rise Park flat is Flat b 14 Kemble Road in May 2014. The Tribunal assessed the value of the premium payable for the lease extension to be £9,761 This case related to 1 flat.