Why you should start your Ponders End lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ponders End property value

The market value of Ponders End leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the remaining term is below than 80 years

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not loan monies with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by banks has increased. Historically mortgage companies would lend on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Ponders End lease extensions?

Retaining our service will provide you better control over the value of your Ponders End leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Ponders End Lease Extension Example Cases:

Zachary, Ponders End, North London

18 months ago Zachary, came critically near to the 80-year mark with the lease on his one bedroom flat in Ponders End. In buying his flat 19 years ago, the unexpired term was of little relevance. by good luck, he noticed he would soon be paying way over the odds for a lease extension. Zachary was able to extend his lease at the eleventh hour in March. Zachary and the freeholder ultimately agreed on sum of £6,000 . If he not met the deadline, the price would have escalated by a minimum £1,025.

Ponders End case:

Last Summer we were approach by Mr and Mrs. F Laurent , who was assigned a lease of a studio flat in Ponders End in November 2007. We are asked if we could approximate the price could be to prolong the lease by ninety years. Comparative residencies in Ponders End with a long lease were in the region of £300,000. The average ground rent payable was £50 invoiced monthly. The lease ended on 21 March 2101. Taking into account 75 years remaining we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus fees.