Stop! Your Lease Extension in Tower Hill Could Be FREE

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Many leaseholders in Tower Hill 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 Tower Hill 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.

Why you should start your Tower Hill lease extension

Top reasons for lease extension now:

A Tower Hill leasehold property depreciates with the years remaining on the lease.

For anyone whose Tower Hill home is held on a long lease, our message is clear – if you do nothing, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension.

Tower Hill property with a lease extension has roughly the same value as a freehold

Leasehold properties in Tower Hill with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Banks and building societies vary in their lending requirements. Some draw the line at 75 years remaining on the lease; others may be content with anything in excess 70 years. With less than sixty years, it may be impossible to get a mortgage in the first place.

Lender Requirement
Bank of Scotland
Halifax
National Westminster Bank
Skipton Building Society
The Mortgage Works

What makes us experts in Tower Hill lease extensions?

Irrespective of whether you are a tenant or a freeholder in Tower Hill,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Tower Hill valuers.

Tower Hill Lease Extension Case Summaries:

Morgan, Tower Hill, London,

After protracted correspondence with the freeholder of her one bedroom apartment in Tower Hill, Morgan started the lease extension process as the 80 year deadline was rapidly approaching. The legal work was finalised in July 2005. The freeholder’s charges were negotiated to a tad over 650 GBP.

Tower Hill case:

Mrs Courtney Rose moved into a newly refurbished apartment in Tower Hill in September 2003. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Similar residencies in Tower Hill with a long lease were in the region of £242,600. The mid-range ground rent payable was £45 invoiced per annum. The lease terminated on 19 May 2093. Having 67 years unexpired we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus expenses.

Decision in Tower Hamlets

An example of a Freehold Enfranchisement decision for a Tower Hill premises is 1-41 Royal Tower Lodge 40 Cartwright Street in April 2013. the tribunal adding the agreed value of capitalised ground rents and the reversion the price to be paid for the freehold was £1,187,000 This case related to 41 flats. The remaining number of years on the lease was 107 years.