Ponders End Lease Extension - Free Consultation

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Main reasons to start your Ponders End lease extension


Why you should commence your Ponders End lease extension today:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Ponders End have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please think carefully before delaying your Ponders End lease extension. Shelving the costs today simply escalates the amount you will eventually have to pay to extend the lease.

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

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This may cause difficulties as and when you wish to market or refinance your property as it will be effectively unmortgageable. You may not have an immediate intention to sell but when you do your buyer will need to hold off for 2 years before they can exercise the right to a a lease extension.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Ponders End lease extensions?

Lease extensions in Ponders End can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.

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 a wealth of experience 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:

Kate, Ponders End, North London,

In the wake of 6 months of lengthy discussions with the landlord of her two bedroom flat in Ponders End, Kate initiated the lease extension process as the eighty year deadline was quickly advancing. The lease extension completed in February 2006. The landlord’s costs were negotiated to under six hundred GBP.

Ponders End case:

Last Autumn we were contacted by Ms I Mason , who purchased a purpose-built apartment in Ponders End in October 1995. The dilemma was if we could estimate the premium would likely be for a 90 year lease extension. Comparative residencies in Ponders End with a long lease were valued about £230,800. The average ground rent payable was £60 collected every twelve months. The lease elapsed in 2085. Having 60 years remaining we approximated the premium to the landlord for the lease extension to be within £24,700 and £28,600 exclusive of fees.

Decision in Haringey

An example of a Vesting Order and Purchase of freehold case for a Ponders End property is Ground Floor Flat 4A Baronet Road in February 2010. Following a vesting order by Edmonton County Court on 23rd December 2008 (case number 8ED064) the Tribunal decided that the price that the Applicant for the freehold interest should pay is £8,689.00 This case was in relation to 2 flats. The unexpired residue of the current lease was 80.01 years.