Why you should commence your Lisson Grove lease extension

Main reasons to commence your Lisson Grove lease extension today:

A Lisson Grove leasehold property depreciates with the years remaining on the lease.

It’s a harsh truth that a Lisson Grove residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Lisson Grove property market.Once your lease nears 85ish years, 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 lower than eighty years - otherwise a higher amount will be payable. Most leasehold owners in Lisson Grove will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the process.

Lisson Grove property with a lease extension is almost the same value as a freehold

Leasehold premises in Lisson Grove with more than one hundred years left on the lease are often referred to as ‘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 reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not finance a property on a short lease

Most high street banks are making their criteria more stringent and many now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. Given that a number of flats in Lisson Grove were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Lisson Grove lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Lisson Grove,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 Lisson Grove valuers.

Lisson Grove Lease Extension Case Summaries:

Rory, Lisson Grove, London

In recent months Rory, came dangerously near to the 80-year mark with the lease on his leasehold apartment in Lisson Grove. In buying his flat two decades ago, the length of the lease was of little bearing. Luckily, he noticed he would soon be paying an inflated amount for Extending the lease. Rory extended the lease at the eleventh hour last August. Rory and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If the lease had gone below 80 years, the amount would have escalated by at least £1,050.

Lisson Grove case:

Last Spring we were e-mailed by Dr M Nelson , who moved into a purpose-built apartment in Lisson Grove in March 1995. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparative homes in Lisson Grove with an extended lease were in the region of £181,600. The mid-range ground rent payable was £55 invoiced yearly. The lease ran out on 22 June 2078. Considering the 52 years unexpired we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 not including fees.