Main reasons to commence your Ponders End lease extension

Main reasons to commence your Ponders End lease extension today:

Increase your lease and increase your Ponders End property value

The closer a residential lease in Ponders End nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, beyond 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease without delay. Most flat owners in Ponders End will meet the qualifying criteria; however a lawyer will be able to confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not lend on a short lease

Lenders are really clamping down as regards to properties in Ponders End with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

What makes us experts in Ponders End lease extensions?

The conveyancers that we work with undertake Ponders End 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.

Ponders End Lease Extension Example Cases:

Arthur, Ponders End, North London,

Arthur was the the leasehold proprietor of a conversion flat in Ponders End on the market with a lease of a few days over 59 years unexpired. Arthur on an informal basis contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Arthur to exercise his statutory right. Arthur obtained expert advice and secured satisfactory resolution without going to tribunal and sell the property.

Ponders End case:

Mr and Mrs. K Miller moved into a purpose-built apartment in Ponders End in January 2007. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Identical homes in Ponders End with 100 year plus lease were valued around £230,800. The average ground rent payable was £60 collected yearly. The lease expired on 16 July 2086. Having 60 years left we estimated the premium to the freeholder to extend the lease to be within £24,700 and £28,600 plus costs.