Main reasons to commence your Ponders End lease extension

Main reasons to commence your Ponders End lease extension today:

Increase your lease and increase your Ponders End property value

Unfortunately that a Ponders End residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Ponders End property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be due. The majority of flat owners in Ponders End will be able to extend under the legislation; however a conveyancer will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not grant a mortgage with a short lease

Most mortgage companies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so if they are unable to secure a mortgage, then the financial worth of your property will likely be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Ponders End lease extensions?

Retaining our service gives you increased control over the value of your Ponders End leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ponders End Lease Extension Example Cases:

Kate, Ponders End, North London,

Following protracted correspondence with the landlord of her purpose-built flat in Ponders End, Kate started the lease extension process as the 80 year mark was quickly approaching. The legal work completed in September 2015. The landlord’s charges were restricted to below four hundred GBP.

Ponders End case:

In 2009 we were approached by Mr and Mrs. G Bernard who, having owned a one bedroom apartment in Ponders End in May 2000. We are asked if we could estimate the price could be for a ninety year extension to my lease. Identical properties in Ponders End with a long lease were worth £250,400. The mid-range ground rent payable was £65 billed every twelve months. The lease expired on 3 May 2090. Taking into account 64 years as a residual term we calculated the premium to the landlord for the lease extension to be within £19,000 and £22,000 plus legals.