Main reasons to commence your Islington lease extension

Top reasons for lease extension now:

A Islington leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Islington you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Islington with more than one hundred 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 situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to loan monies with a short lease

The trend since 2008 has been for lenders to tighten lending requirements across the board - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by banks has increased. In the past mortgage companies would lend on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Islington?

Regardless of whether you are a tenant or a freeholder in Islington,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Islington valuers.

Islington Lease Extension Example Cases:

Jodie, Islington, North London,

Trailing protracted discussions with the landlord of her garden flat in Islington, Jodie initiated the lease extension process as the eighty year threshold was swiftly advancing. The transaction completed in February 2005. The landlord’s costs were negotiated to less than 450 pounds.

Islington case:

In 2014 we were e-mailed by Mr Ethan Walker who, having completed a basement flat in Islington in September 2010. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Comparative flats in Islington with 100 year plus lease were worth £260,200. The average amount of ground rent was £65 invoiced yearly. The lease expired on 6 June 2092. Having 66 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £16,200 and £18,600 not including fees.