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 start your St Luke's lease extension

Main reasons to commence your St Luke's lease extension today:

A St Luke's lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in St Luke's you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in St Luke's with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not lend with a short lease

Mortgage companies will not grant a mortgage on short residential leases. You most probably encounter problems where you need to sell your flat in St Luke's if the unexpired term of your lease is under the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but on the whole theyrequire a minimum remaining lease term of seventy years.

Lender Requirement
Godiva Mortgages
National Westminster Bank
Santander
TSB
Royal Bank of Scotland

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

The lawyers that we work with procure St Luke's 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 conveyancer we work with provide it.

St Luke's Lease Extension Case Summaries:

Grace, St Luke's, North London,

After protracted negotiations with the landlord of her ground floor apartment in St Luke's, Grace initiated the lease extension process as the 80 year deadline was quickly advancing. The legal work was finalised in September 2009. The freeholder’s charges were restricted to under five hundred GBP.

St Luke's case:

Mr and Mrs. J Lefèvre was assigned a lease of a one bedroom apartment in St Luke's in February 2005. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Similar homes in St Luke's with a long lease were in the region of £200,800. The mid-range amount of ground rent was £65 invoiced annually. The lease ended in 2086. Given that there were 60 years outstanding we calculated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 plus legals.

Decision in Hackney

An example of a Lease Extension case for a St Luke's residence 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 unexpired term as at the valuation date was 72.39 years.