Why you should commence your Grange Park lease extension

Why you should start your Grange Park lease extension today:

A Grange Park lease depreciates with the years remaining on the lease.

Unfortunately that a Grange Park residential lease is a wasting asset. As the lease term diminishes so does the value of the property. 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 prices.Once your lease nears 85ish years, you should start considering a lease extension. If lease term slips under 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most leasehold owners in Grange Park will be able to extend under the legislation; however a lawyer should be able to clarify whether you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your lawyer from beginning to end of the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Grange Park with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions will not finance a property with a short lease

Many mortgage companies will be unwilling to grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A buyer will no doubt encounter difficulties in obtaining a mortgage and this will result in your Grange Park property becoming difficult to sell or remortgage.

Why use us for your lease extension in Grange Park?

Irrespective of whether you are a tenant or a landlord in Grange Park,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Grange Park valuers.

Grange Park Lease Extension Example Cases:

Oscar, Grange Park, Northamptonshire,

Oscar owned a studio apartment in Grange Park being marketed with a lease of just over 72 years unexpired. Oscar informally spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Oscar to invoke his statutory right. Oscar obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.

Grange Park case:

In 2010 we were approached by Mr Joseph Jackson who, having took over the lease of a ground floor apartment in Grange Park in October 2009. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Comparative flats in Grange Park with an extended lease were in the region of £254,200. The average ground rent payable was £60 billed every twelve months. The lease expired on 21 November 2077. Given that there were 51 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £43,700 and £50,600 not including fees.