Why you should commence your Pinner lease extension

Main reasons to start your Pinner lease extension today:

A Pinner lease depreciates with the years remaining on the lease.

Pinner leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Pinner tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Pinner you should see if your lease has between seventy and ninety years remaining. There are compelling reasons why a Pinner flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay

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

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to lend with a short lease

Most high street banks are tightening their criteria and a meaningful number now require flats to have at least 60 if not 70 years left once the mortgage has expired. As many flats in Pinner were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Pinner lease extensions?

Engaging our service gives you enhanced control over the value of your Pinner leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Pinner Lease Extension Example Cases:

Jamie, Pinner, North London

During the course of the last few months Jamie, started to get near to the 80-year mark with the lease on his one bedroom apartment in Pinner. Having purchased his flat two decades ago, the length of the lease was of minimal importance. Thankfully, he realised he would imminently be paying an inflated amount for a lease extension. Jamie was able to extend his lease just under the wire in May. Jamie and the landlord who owned the flat above ultimately settled on sum of £6,000 . If he failed to meet the deadline, the price would have escalated by at least £1,075.

Pinner case:

Last Autumn we were contacted by Ms Natalie Cook , who completed a ground floor flat in Pinner in September 1997. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Comparative flats in Pinner with a long lease were worth £166,400. The mid-range amount of ground rent was £60 billed every twelve months. The lease lapsed on 6 September 2079. Considering the 54 years remaining we approximated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 not including costs.