Why you should start your Pentonville lease extension

Main reasons to commence your Pentonville lease extension today:

A Pentonville lease depreciates with the years remaining on the lease.

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

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

It is generally considered that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not finance a property on a short lease

What makes us experts in Pentonville lease extensions?

The lawyers that we work with undertake Pentonville 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.

Pentonville Lease Extension Case Summaries:

Lucas, Pentonville, North London,

Lucas was the the leasehold owner of a high value apartment in Pentonville on the market with a lease of fraction over sixty years unexpired. Lucas informally approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Lucas to exercise his statutory right. Lucas procured expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Pentonville case:

Last Winter we were phoned by Mrs Robyn Hall , who took over the lease of a one bedroom flat in Pentonville in April 1997. The dilemma was if we could approximate the price would be for a ninety year lease extension. Identical properties in Pentonville with an extended lease were in the region of £233,200. The average amount of ground rent was £60 collected yearly. The lease elapsed on 3 November 2087. Taking into account 61 years left we calculated the compensation to the freeholder to extend the lease to be within £22,800 and £26,400 plus legals.