Main reasons to start your Ponders End lease extension

Top reasons for lease extension now:

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

For those whose Ponders End property is held on a long lease, the message is clear – if you ignore the situation, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold premises in Ponders End with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions will not grant a mortgage with 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 solicitors that we work with will always be willing 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 Example Cases:

Arthur, Ponders End, North London

Last year Arthur, started to get close to the 80-year mark with the lease on his one bedroom apartment in Ponders End. In buying his flat 19 years previously, the unexpired term was of minimal concern. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Arthur arranged for a lease extension just in the nick of time last August. Arthur and the landlord who owned the flat above ultimately settled on a premium of £6,000 . If the lease had dipped lower than 80 years, the price would have increased by at least £975.

Ponders End case:

Last month we were e-mailed by Mr and Mrs. E Murphy , who moved into a studio flat in Ponders End in April 2010. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Similar residencies in Ponders End with 100 year plus lease were valued about £181,600. The average amount of ground rent was £55 invoiced per annum. The lease finished on 7 October 2078. Having 52 years unexpired we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 not including legals.