Why you should start your Pentonville lease extension

Main reasons to commence your Pentonville lease extension today:

Increase your lease and increase your Pentonville property value

Pentonville residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to finance a property with a short lease

Lenders will not grant a mortgage on short residential leases. You most probably encounter difficulties where you want to sell your flat in Pentonville if the remaining lease term is below the criteria set by most mortgage companies. Different lenders have varying requirements but in the main theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Pentonville lease extensions?

The conveyancing solicitors that we work with procure 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 conveyancer we work with provide it.

Pentonville Lease Extension Example Cases:

Kyle, Pentonville, North London

Last Christmas Kyle, came perilously near to the eighty-year mark with the lease on his garden flat in Pentonville. Having purchased his property 19 years previously, the lease term was of minimal relevance. Luckily, he realised he needed to take steps soon on Extending the lease. Kyle extended the lease just under the wire in April. Kyle and the landlord ultimately agreed on sum of £6,000 . If he had missed the deadline, the sum would have gone up by a minimum £950.

Pentonville case:

Mr and Mrs. W Cox bought a first floor apartment in Pentonville in February 2005. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Similar residencies in Pentonville with 100 year plus lease were worth £257,800. The average amount of ground rent was £65 collected monthly. The lease elapsed in 2091. Considering the 65 years as a residual term we calculated the premium to the landlord to extend the lease to be between £17,100 and £19,800 not including costs.