Top reasons for Albany Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Albany Park property value

On the balance of probabilities where you own a flat in Albany Park you actually own a long leasehold interest over your property

Albany Park property with a lease extension is almost the same value as a freehold

Leasehold residencies in Albany Park with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘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 reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not grant a mortgage with a short lease

Mortgage lenders have set criteria when loaning monies charged on leasehold property. Some will simply not lend at all once an unexpired lease term falls beneath a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Albany Park home.

Why use us for your lease extension in Albany Park?

The conveyancing solicitors that we work with undertake Albany Park 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 lawyer we work with provide it.

Albany Park Lease Extension Example Cases:

Natalie, Albany Park, South East London,

Trailing protracted correspondence with the freeholder of her basement apartment in Albany Park, Natalie commenced the lease extension process as the 80 year threshold was rapidly nearing. The transaction was finalised in March 2012. The freeholder’s costs were negotiated to under 550 pounds.

Albany Park case:

Mr and Mrs. W Reed owned a ground floor apartment in Albany Park in October 2011. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Comparable residencies in Albany Park with 100 year plus lease were worth £295,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease termination date was on 10 January 2100. Considering the 74 years left we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.