Stop! Your Lease Extension in The Park Could Be FREE

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Many leaseholders in The 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 The 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.

Main reasons to commence your The Park lease extension

Main reasons to commence your The Park lease extension today:

Increase your lease and increase your The Park property value

On the balance of probabilities where you own a flat in The Park you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

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

Lenders may not finance a property with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This may be problematic when you come to dispose of or refinance your property as it will be practically unmortgageable. You may not have an immediate desire to sell but when you do your buyer must wait two years before being able to exercise the right to a a lease extension.

Lender Requirement
Accord Mortgages 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.
Chelsea 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.
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.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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 The Park lease extensions?

The lawyers that we work with procure The Park 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.

The Park Lease Extension Case Studies:

Ryan, The Park, Nottinghamshire

In 2014 Ryan, started to get near to the 80-year mark with the lease on his ground floor flat in The Park. Having bought his property 19 years ago, the length of the lease was of minimal significance. Thankfully, he recognised he would soon be paying an escalated premium for a lease extension. Ryan extended the lease just under the wire in August. Ryan and the freeholder via the management company ultimately agreed on an amount of £5,500 . If the lease had slid lower than 80 years, the price would have become more costly by a minimum £1,050.

The Park case:

Ms S López took over the lease of a purpose-built flat in The Park in July 2007. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparable residencies in The Park with 100 year plus lease were worth £171,800. The mid-range amount of ground rent was £55 invoiced quarterly. The lease concluded in 2076. Given that there were 50 years remaining we calculated the premium to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of professional charges.

The Park case:

Mr and Mrs. H Martinez took over the lease of a ground floor flat in The Park in February 2009. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative residencies in The Park with a long lease were valued around £280,000. The mid-range ground rent payable was £45 collected quarterly. The lease termination date was in 2096. Taking into account 70 years left we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including fees.