Main reasons to start your Ponders End lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ponders End property value

As the the remaining lease term of a Ponders End domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, over one hundred years to run then this decrease may be of little impact that being said there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending without delay. Most flat owners in Ponders End will meet the qualifying criteria; nevertheless a lawyer will be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Ponders End property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not finance a property on a short lease

What makes us experts in Ponders End lease extensions?

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

Ponders End Lease Extension Case Summaries:

Emma, Ponders End, North London,

Subsequent to unsuccessful discussions with the landlord of her one bedroom flat in Ponders End, Emma initiated the lease extension process just as the lease was approaching the critical 80-year threshold. The lease extension was concluded in November 2010. The freeholder’s charges were kept to an absolute minimum.

Ponders End case:

Last March we were called by Mr Y Richardson , who owned a one bedroom apartment in Ponders End in November 1999. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical flats in Ponders End with a long lease were valued around £206,200. The average amount of ground rent was £60 invoiced every twelve months. The lease elapsed in 2082. Considering the 56 years left we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of costs.