Top reasons for Albany Park lease extension

Top reasons for lease extension now:

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

With a domestic leasehold premises in Albany Park, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably when there are fewer than 80 years remaining. Anyone in Albany Park with a lease approaching 81 years unexpired should seriously think of extending it sooner than later. When a lease has below 80 years outstanding, under the relevant Act the freeholder is entitled to calculate and charge a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not lend on a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A buyer will no doubt find it difficult in obtaining a mortgage and this could result in your Albany Park property being difficult to sell or to obtain finance on.

What makes us experts in Albany Park lease extensions?

Regardless of whether you are a tenant or a landlord in Albany Park,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 Albany Park valuers.

Albany Park Lease Extension Example Cases:

Madeleine, Albany Park, South East London,

Subsequent to protracted negotiations with the freeholder of her garden flat in Albany Park, Madeleine started the lease extension process just as the lease was approaching the critical 80-year mark. The legal work was concluded in July 2013. The freeholder’s fees were restricted to a tad over six hundred pounds.

Albany Park case:

In 2011 we were phoned by Ms Paige Parker who, having acquired a basement flat in Albany Park in August 2004. The question was if we could approximate the premium could be for a 90 year lease extension. Comparable flats in Albany Park with a long lease were worth £196,400. The mid-range ground rent payable was £55 billed monthly. The lease end date was in 2080. Having 54 years left we estimated the premium to the landlord for the lease extension to be between £34,200 and £39,600 not including costs.