Top reasons for Pinner lease extension

Top reasons for lease extension now:

Increase your lease and increase your Pinner property value

The value of Pinner leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the remaining term is less than 80 years

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

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not issue a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Pinner with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the amount of potential buyers.

Why use us for your lease extension in Pinner?

The conveyancers that we work with handle Pinner 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.

Pinner Lease Extension Case Studies:

Sian, Pinner, North London,

Following lengthy negotiations with the landlord of her basement flat in Pinner, Sian initiated the lease extension process just as her lease was nearing the crucial eighty-year deadline. The lease extension completed in February 2011. The landlord’s charges were kept to an absolute minimum.

Pinner case:

In 2009 we were contacted by Dr Jonathan Carter who, having bought a recently refurbished apartment in Pinner in November 2008. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar residencies in Pinner with an extended lease were valued about £173,800. The average ground rent payable was £65 billed per annum. The lease expired in 2081. Considering the 55 years unexpired we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus fees.