Why you should commence your Lisson Grove lease extension

Top reasons for lease extension now:

Increase your lease and increase your Lisson Grove property value

Chances are that where you own a flat in Lisson Grove you actually own a long leasehold interest over your property

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

Leasehold residencies in Lisson Grove with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may not issue a mortgage on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now expect flats to have at least 60 if not 70 years left once the mortgage has expired. Considering many flats in Lisson Grove were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

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

Irrespective 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 in-depth market knowledge and the close ties they enjoy with Lisson Grove valuers.

Lisson Grove Lease Extension Example Cases:

Robyn, Lisson Grove, London,

In the wake of 9 months of unsuccessful discussions with the landlord of her ground floor apartment in Lisson Grove, Robyn started the lease extension process just as the lease was coming close to the critical 80-year threshold. The lease extension completed in July 2008. The freeholder’s costs were kept to an absolute minimum.

Lisson Grove case:

Last Christmas we were phoned by Dr Gabriel Girard , who purchased a garden flat in Lisson Grove in November 1995. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparable homes in Lisson Grove with a long lease were worth £205,000. The average amount of ground rent was £50 collected quarterly. The lease terminated on 19 August 2105. Having 79 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £7,600 and £8,800 not including professional charges.