Main reasons to commence your Lisson Grove lease extension

Main reasons to start your Lisson Grove lease extension today:

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

The re-sale value of a leasehold property in Lisson Grove is impacted by how many years the lease has remaining. If it is close to or fewer than eighty years you should foresee difficulties on re-sale, so it is advisable to arrange for a lease extension ahead of purchasing. It is preferable to commence the process of extending the lease is when the lease still has 82 years remaining so that formalities can be concluded prior to the eighty year threshold. Leasehold Reform legislation enables Lisson Grove qualifying lessees to acquire a lease extension of ninety years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.

Lisson Grove property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Mortgage companies are really clamping down as regards to properties in Lisson Grove with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus limiting the amount of prospective buyers.

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 prepared 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 Example Cases:

Chantelle, Lisson Grove, London,

Off the back of unsuccessful correspondence with the landlord of her purpose-built apartment in Lisson Grove, Chantelle commenced the lease extension process just as the lease was coming close to the crucial eighty-year mark. The lease extension completed in April 2012. The freeholder’s fees were restricted to less than 700 pounds.

Lisson Grove case:

Dr Lily Clark owned a one bedroom flat in Lisson Grove in June 2000. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Identical homes in Lisson Grove with a long lease were in the region of £285,000. The average ground rent payable was £45 billed monthly. The lease came to a finish on 7 October 2098. Given that there were 72 years outstanding we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.