Why you should start your Albany Park lease extension

Top reasons for lease extension now:

A Albany Park lease depreciates with the years remaining on the lease.

With a domestic leasehold property in Albany Park, you are in fact renting it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater especially when there are fewer than 80 years left. Residents in Albany Park with a lease drawing near to 81 years unexpired should seriously consider extending it sooner as opposed to later. Once the lease term has under eighty years remaining, under the current legislation the freeholder can calculate and charge a larger amount, based on a technical computation, strangely termed as “marriage value” which is payable.

Albany Park property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Albany Park with more than 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 home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not grant a mortgage with a short lease

Most mortgage companies will not grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this could result in your Albany Park property being difficult to dispose of or to obtain finance on.

Get in touch with one of our Albany Park lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Albany Park leasehold, as your property will be more valuable and saleable in relation to the 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.

Albany Park Lease Extension Example Cases:

Elizabeth, Albany Park, South East London,

Off the back of protracted negotiations with the freeholder of her purpose-built apartment in Albany Park, Elizabeth initiated the lease extension process just as the lease was approaching the all-important eighty-year deadline. The lease extension completed in April 2007. The freeholder’s costs were negotiated to below 600 GBP.

Albany Park case:

Mr and Mrs. V Morel bought a ground floor apartment in Albany Park in July 2010. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative flats in Albany Park with 100 year plus lease were in the region of £265,200. The mid-range ground rent payable was £65 invoiced every twelve months. The lease elapsed on 19 January 2092. Considering the 66 years left we calculated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 not including costs.