Why you should start your Grange Park lease extension

Main reasons to start your Grange Park lease extension today:

Increase your lease and increase your Grange Park property value

It’s a harsh truth that a Grange Park residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Grange Park property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below 80 years - otherwise a higher premium will be payable. The majority of leasehold owners in Grange Park will be able to extend under the legislation; however a lawyer will be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer throughout the formalities.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not loan monies on a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties where you wish to sell your flat in Grange Park if the unexpired lease term is below the criteria set by the majority of lenders. Different lenders have different requirements but in the main theyrequire an unexpired term of at least seventy years.

What makes us experts in Grange Park lease extensions?

Retaining our service will provide you better control over the value of your Grange Park leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Grange Park Lease Extension Case Summaries:

Isobel, Grange Park, Northamptonshire,

Subsequent to lengthy correspondence with the landlord of her two bedroom flat in Grange Park, Isobel initiated the lease extension process as the 80 year mark was swiftly coming. The legal work was concluded in November 2007. The landlord’s charges were negotiated to below 600 pounds.

Grange Park case:

In 2011 we were e-mailed by Mr and Mrs. D Vincent who, having purchased a garden flat in Grange Park in May 2007. The dilemma was if we could approximate the price could be to prolong the lease by a further 90 years. Comparative residencies in Grange Park with 100 year plus lease were in the region of £235,200. The mid-range amount of ground rent was £45 billed quarterly. The lease ran out on 1 October 2092. Having 66 years left we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including expenses.