Stop! Your Lease Extension in Elm Park Could Be FREE

Get a Free Case Review
Many leaseholders in Elm 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 Elm 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 Elm Park lease extension

Why you should commence your Elm Park lease extension today:

A Elm Park leasehold property depreciates with the years remaining on the lease.

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

Elm Park property with a lease extension is almost the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to finance a property on a short lease

Lenders do not like short residential leases. You are likely to encounter difficulties where you want to sell your flat in Elm Park if the remaining term of your lease is below the criteria set by the majority of lenders. Different lenders have varying requirements but on the whole theyrequire an unexpired term of at least seventy years.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Elm Park lease extensions?

The conveyancing solicitors that we work with handle Elm 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 conveyancing solicitor we work with provide it.

Elm Park Lease Extension Example Cases:

Courtney, Elm Park, London,

Trailing unsuccessful correspondence with the landlord of her first floor flat in Elm Park, Courtney initiated the lease extension process just as her lease was approaching the critical 80-year threshold. The transaction was finalised in February 2008. The landlord’s charges were kept to an absolute minimum.

Elm Park case:

Dr H Mason acquired a purpose-built apartment in Elm Park in July 2002. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical homes in Elm Park with an extended lease were worth £285,000. The average amount of ground rent was £55 invoiced every twelve months. The lease lapsed in 2105. Considering the 79 years remaining we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including fees.

Decision in Havering

An example of a Lease Extension case for a Elm Park flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 57.5 years.