Main reasons to commence your Lisson Grove lease extension

Main reasons to commence your Lisson Grove lease extension today:

Increase your lease and increase your Lisson Grove property value

Lisson Grove leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Lisson Grove tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Lisson Grove you should check if your lease has between seventy and ninety years left. There are good reasons why a Lisson Grove leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold premises in Lisson Grove with over one hundred years remaining 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 home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may not finance a property on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. As plenty of flats in Lisson Grove were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Lisson Grove?

The conveyancing solicitors that we work with undertake Lisson Grove 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.

Lisson Grove Lease Extension Case Summaries:

Amy, Lisson Grove, London,

Trailing protracted negotiations with the freeholder of her garden flat in Lisson Grove, Amy commenced the lease extension process just as the lease was approaching the all-important 80-year mark. The lease extension completed in July 2008. The landlord’s charges were negotiated to about 600 GBP.

Lisson Grove case:

Last month we were called by Mr and Mrs. U Robinson , who was assigned a lease of a newly refurbished apartment in Lisson Grove in April 2004. We are asked if we could estimate the premium would likely be to extend the lease by an additional years. Comparable flats in Lisson Grove with an extended lease were in the region of £275,000. The average amount of ground rent was £65 collected annually. The lease elapsed in 2094. Having 68 years left we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of expenses.