For anyone whose Manor Park flat is held on a long lease, our message is clear – if no remedial action is taken, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to procure a lease extension.
Leasehold residencies in Manor Park with in excess of one hundred years left on the lease are sometimes 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 reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Barnsley Building Society | |
| Coventry Building Society | |
| Skipton Building Society | |
| TSB |
Lease extensions in Manor Park can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring Manor Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Evan was the the leasehold proprietor of a high value apartment in Manor Park on the market with a lease of a few days over sixty years outstanding. Evan on an informal basis spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Evan to exercise his statutory right. Evan obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.
Last Winter we were called by Mr F Ward , who was assigned a lease of a basement apartment in Manor Park in February 1999. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparative homes in Manor Park with 100 year plus lease were in the region of £183,600. The mid-range amount of ground rent was £65 invoiced quarterly. The lease finished on 2 May 2083. Given that there were 57 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including legals.
An example of a Lease Extension decision for a Manor Park flat is 240 Strone Road in January 2014. the tribunal held that the price to be paid for the freehold interest was£23,538 of which£13,017 is attributable to the ground floor flat and £10,521 to the first floor flat. This case was in relation to 2 flats. The unexpired term as at the valuation date was 65.5 years.