Why you should start your Pentonville lease extension

Top reasons for lease extension now:

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

Pentonville leases on residential deteriorating in value. if your lease has about 90 years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the current lease dips below eighty years - otherwise a higher premium will be due. Leasehold owners in Pentonville will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain circumstances you may not qualify. There are prescribed timetables and steps to follow once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.

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

Leasehold properties in Pentonville with in excess of 100 years outstanding 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 to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to issue a mortgage on a short lease

Banks and building societies are really restricting their approach as regards to properties in Pentonville with short leases. For example you might discover 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 refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus limiting the number of potential buyers.

What makes us experts in Pentonville lease extensions?

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

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 procuring 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 Case Summaries:

John, Pentonville, North London

Half a year ago John, came precariously near to the 80-year threshold with the lease on his leasehold flat in Pentonville. Having purchased his property 18 years ago, the length of the lease was of little relevance. by good luck, he realised he needed to take action soon on a lease extension. John arranged for a lease extension just under the wire in August. John and the landlord who owned the flat above eventually settled on an amount of £5,500 . If the lease had fallen to less than 80 years, the figure would have increased by a minimum £1,125.

Pentonville case:

Last Christmas we were e-mailed by Mrs S Brooks , who owned a garden flat in Pentonville in February 2010. The question was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparable premises in Pentonville with a long lease were worth £213,600. The mid-range ground rent payable was £60 billed per annum. The lease expired in 2083. Considering the 57 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of professional charges.