Stop! Your Lease Extension in St Luke's Could Be FREE

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Many leaseholders in St Luke's 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 St Luke's 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 St Luke's lease extension

Top reasons for lease extension now:

Increase your lease and increase your St Luke's property value

The value of St Luke's leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the remaining term is below than 80 years

St Luke's property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not finance a property with a short lease

Banks and building societies are distinct in their lending criteria. Some set the bar at seventy five years remaining on the lease; others may be prepared to lend with anything with more than seventy years. Below sixty years, it may be problematic to get a mortgage in the first place.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in St Luke's?

Lease extensions in St Luke's can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring St Luke's lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

St Luke's Lease Extension Example Cases:

Cameron, St Luke's, North London,

Cameron was the the leasehold proprietor of a studio flat in St Luke's on the market with a lease of a few days over 61 years remaining. Cameron on an informal basis approached his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 yearly. No ground rent would be due on a lease extension were Cameron to invoke his statutory right. Cameron obtained expert advice and secured an acceptable resolution informally and sell the property.

St Luke's case:

Mrs Lily David was assigned a lease of a ground floor flat in St Luke's in June 1998. The dilemma was if we could approximate the price could be for a 90 year lease extension. Comparable residencies in St Luke's with a long lease were in the region of £237,600. The mid-range amount of ground rent was £45 billed yearly. The lease expired on 19 April 2093. Given that there were 67 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 not including costs.

Decision in Hackney

An example of a Lease Extension decision for a St Luke's property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The remaining number of years on the lease was 72.39 years.