Top reasons for Ponders End lease extension

Why you should start your Ponders End lease extension today:

Increase your lease and increase your Ponders End property value

Chances are that if you own a flat in Ponders End you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

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

Most mortgage lenders insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is probable that someone wishing to buy your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of your property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to lend on

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

The conveyancing solicitors 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 conveyancing solicitor we work with provide it.

Ponders End Lease Extension Example Cases:

Ben, Ponders End, North London

During the course of the last few months Ben, started to get close to the eighty-year threshold with the lease on his one bedroom apartment in Ponders End. In buying his flat 19 years ago, the lease term was of no significance. Thankfully, he recognised he would soon be paying an escalated premium for a lease extension. Ben was able to extend his lease just under the wire last July. Ben and the freeholder via the management company subsequently settled on a premium of £5,500 . If he failed to meet the deadline, the amount would have increased by a minimum £1,100.

Ponders End case:

Mr O Jones acquired a basement apartment in Ponders End in January 2006. We are asked if we could estimate the price could be for a 90 year extension to my lease. Comparative properties in Ponders End with a long lease were in the region of £285,000. The average ground rent payable was £45 billed yearly. The lease concluded on 2 January 2097. Considering the 71 years remaining we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.