Pentonville Lease Extension - Free Consultation

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Why you should start your Pentonville lease extension


Main reasons to start your Pentonville lease extension today:

Increase your lease and increase your Pentonville property value

When it comes to residential leasehold premises in Pentonville, you are actually buying an entitlement to live in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive notably when there are fewer than 80 years left. Leasehold owners in Pentonville with a lease approaching 81 years unexpired should seriously consider extending it without delay. When the lease term has below 80 years remaining, under the current Act the freeholder can calculate and charge a larger amount, based on a technical multiplication, known as “marriage value” which is due.

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

Leasehold premises in Pentonville with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may decide not to lend on a short lease

Lenders do not like short residential leases. You most probably encounter difficulties if you need to sell your flat in Pentonville if the unexpired lease term is less than the criteria set by the majority of lenders. Different mortgage companies have different criteria but in the main theyrequire an unexpired term of at least 65 years.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Lease extensions in Pentonville can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.

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:

Henry, Pentonville, North London

In recent months Henry, came precariously close to the eighty-year threshold with the lease on his leasehold apartment in Pentonville. Having purchased his property two decades ago, the lease term was of no importance. Thankfully, he realised he needed to take steps soon on Extending the lease. Henry extended the lease just ahead of time in January. Henry and the freeholder eventually agreed on sum of £6,000 . If he failed to meet the deadline, the sum would have escalated by a minimum £850.

Pentonville case:

Mr and Mrs. O Richardson was assigned a lease of a one bedroom flat in Pentonville in March 1995. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable homes in Pentonville with a long lease were valued around £191,400. The mid-range ground rent payable was £55 billed yearly. The lease expired in 2078. Considering the 54 years left we approximated the premium to the landlord for the lease extension to be between £34,200 and £39,600 not including costs.

Decision in Camden

An example of a Lease Extension matter before the tribunal for a Pentonville property is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The number of years remaining on the existing lease(s) was 66.8 years.