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Top reasons for Rise Park lease extension

Main reasons to commence your Rise Park lease extension today:

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

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Rise Park can extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Rise Park lease extension. Shelving the costs now simply escalates the price you will ultimately have to pay for a lease extension.

An extended lease is almost the same value as a freehold

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

Mortgage lenders will not loan monies on a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term goes beneath a specified unexpired lease term. Many Lending institutions will not consider property with a remaining below 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Rise Park property.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
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.

What makes us experts in Rise Park lease extensions?

Using our service gives you better 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 decide to sell. The lawyers 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:

Samuel, Rise Park, London

Last Summer Samuel, started to get close to the eighty-year mark with the lease on his leasehold apartment in Rise Park. In buying his home twenty years previously, the length of the lease was of minimal concern. Fortunately, he realised he needed to take action soon on Extending the lease. Samuel was able to extend his lease just in the nick of time last July. Samuel and the freeholder via the managing agents subsequently agreed on an amount of £5,000 . If the lease had dropped below eighty years, the premium would have increased by at least £875.

Rise Park case:

Dr T Cook took over the lease of a recently refurbished apartment in Rise Park in June 2008. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical residencies in Rise Park with 100 year plus lease were valued about £205,000. The mid-range ground rent payable was £50 billed monthly. The lease concluded in 2104. Taking into account 79 years remaining we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of expenses.

Decision in Lewisham

An example of a Lease Extension matter before the tribunal for a Rise Park residence 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.