The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Bowes Park can extend the lease for a further ninety years under statute. Please give careful consideration before delaying your Bowes Park lease extension. Putting off that expense today simply increases the amount you will ultimately be required to pay for a lease extension.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Leeds Building Society | |
| Santander |
Lease extensions in Bowes Park can be a difficult process. We recommend you procure 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 a wealth of experience procuring Bowes Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted correspondence with the landlord of her studio flat in Bowes Park, Rachel initiated the lease extension process as the eighty year deadline was swiftly coming. The transaction was finalised in April 2008. The freeholder’s charges were kept to an absolute minimum.
Dr Logan Thompson was assigned a lease of a one bedroom apartment in Bowes Park in September 2010. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Similar homes in Bowes Park with 100 year plus lease were valued about £210,000. The mid-range amount of ground rent was £50 billed quarterly. The lease terminated in 2106. Having 80 years left we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including expenses.
An example of a Lease Extension decision for a Bowes Park residence is First Floor Flat 109 Lyndhurst Road in May 2010. Following a vesting order by Edmonton County Court on 29th October 2009 the Tribunal decided on a figure of £5,012 for a lease extension. This case affected 1 flat. The number of years remaining on the existing lease(s) was 81.79 years.