Top reasons for Manor Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Manor Park property value

Manor Park leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Manor Park residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Manor Park you really ought to investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

Manor Park property with a lease extension has roughly the same value as a freehold

Leasehold properties in Manor Park with more than 100 years outstanding on the lease are sometimes regarded as a ‘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 upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not issue a mortgage with a short lease

Nearly all mortgage companies will not grant a mortgage on a lease with under 70 years remaining - although this varies between mortgage companies. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your Manor Park property becoming difficult to sell or remortgage.

Get in touch with one of our Manor Park lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle Manor 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 lawyer we work with provide it.

Manor Park Lease Extension Case Summaries:

Alex, Manor Park, London

18 months ago Alex, started to get close to the 80-year threshold with the lease on his purpose- built apartment in Manor Park. In buying his property twenty years previously, the unexpired term was of little bearing. As luck would have it, he became aware that he needed to take action soon on a lease extension. Alex extended the lease at the eleventh hour last May. Alex and the landlord who owned the flat above ultimately agreed on an amount of £5,500 . If he not met the deadline, the premium would have become more costly by a minimum £1,150.

Manor Park case:

In 2011 we were phoned by Dr Nathan Brown who, having moved into a one bedroom apartment in Manor Park in May 2007. We are asked if we could estimate the premium could be for a 90 year lease extension. Comparative premises in Manor Park with an extended lease were in the region of £285,000. The mid-range amount of ground rent was £55 billed per annum. The lease finished on 22 April 2106. Given that there were 80 years outstanding we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.