Top reasons for Ponders End lease extension

Why you should commence your Ponders End lease extension today:

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

The re-sale value of a leasehold property in Ponders End is impacted by how long the lease has remaining. If it is near to or fewer than eighty years you should foresee difficulties on re-sale, so it is advisable to arrange for the lease to be extended ahead of purchasing. It is ideal to start the process of extending the lease is when a lease still has 82 years remaining so that all matters can be concluded ahead of the 80 year mark. Statute entitles Ponders End qualifying lessees to obtain a lease extension of 90 years in addition to the remaining length of the lease at a peppercorn rent (that is, rent free). The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may not issue a mortgage with a short lease

Banks and building societies are distinct in their lending criteria. Some draw the line at 75 years outstanding on the lease; others may be prepared to lend with anything over 70 years. With less than 60 years, it may be challenging to get a mortgage in the first place.

Get in touch with one of our Ponders End lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Ponders End,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ponders End valuers.

Ponders End Lease Extension Example Cases:

Poppy, Ponders End, North London,

After unsuccessful correspondence with the landlord of her leasehold flat in Ponders End, Poppy initiated the lease extension process as the 80 year threshold was rapidly nearing. The legal work was finalised in June 2009. The freeholder’s charges were kept to an absolute minimum.

Ponders End case:

Mr and Mrs. S Nguyen purchased a recently refurbished flat in Ponders End in June 2000. The question was if we could approximate the price would be to prolong the lease by an additional years. Comparative homes in Ponders End with an extended lease were worth £216,000. The average ground rent payable was £60 billed every twelve months. The lease ran out on 2 September 2084. Having 58 years left we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus professional charges.