Why you should start your Ponders End lease extension

Top reasons for lease extension now:

A Ponders End leasehold property depreciates with the years remaining on the lease.

Ponders End leases on domestic properties are gradually losing value. if your lease has approximately ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Ponders End will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.

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

Leasehold properties in Ponders End with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not issue a mortgage with a short lease

Mortgage lenders have specific criteria when lending funds secured on leasehold property. Some will simply not lend at all once an unexpired lease term slips below a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than seventy years suitable security. In addition to this being important when selling, it is also relevant where you are seeking to remortgage your Ponders End home.

Why use us for your lease extension in Ponders End?

Lease extensions in Ponders End can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 dealing with Ponders End lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ponders End Lease Extension Case Summaries:

Zachary, Ponders End, North London,

Zachary owned a 2 bedroom apartment in Ponders End on the market with a lease of a little over 59 years outstanding. Zachary informally contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Zachary to invoke his statutory right. Zachary obtained expert legal guidance and secured an acceptable deal informally and readily saleable.

Ponders End case:

Last Summer we were e-mailed by Mrs Catherine García , who completed a garden apartment in Ponders End in July 2008. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical homes in Ponders End with a long lease were worth £210,000. The average ground rent payable was £50 billed per annum. The lease terminated in 2105. Considering the 79 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including expenses.