Main reasons to commence your Pentonville lease extension

Main reasons to commence your Pentonville lease extension today:

Increase your lease and increase your Pentonville property value

Pentonville leases on domestic properties are gradually losing value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. If lease term falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Pentonville will mostly qualify for a lease extension; however a solicitor should be able check your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.

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

It is generally considered that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to loan monies on a short lease

Lenders do not like short residential leases. You are likely to experience difficulties if you wish to sell your flat in Pentonville if the remaining lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Pentonville?

Lease extensions in Pentonville can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Pentonville lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Pentonville Lease Extension Example Cases:

Sarah, Pentonville, North London,

After unsuccessful negotiations with the landlord of her first floor flat in Pentonville, Sarah commenced the lease extension process just as her lease was approaching the all-important 80-year deadline. The transaction completed in August 2010. The freeholder’s charges were restricted to below four hundred GBP.

Pentonville case:

In 2009 we were contacted by Dr Eli Cox who, having completed a first floor flat in Pentonville in June 1996. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Comparative residencies in Pentonville with a long lease were valued about £290,000. The average ground rent payable was £45 invoiced quarterly. The lease elapsed on 14 October 2099. Given that there were 73 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.