Top reasons for Bush Hill Park lease extension

Top reasons for lease extension now:

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

When it comes to domestic leasehold property in Bush Hill Park, you effectively rent it for a certain amount of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive notably once there are less than 80 years remaining. Anyone in Bush Hill Park with a lease approaching 81 years remaining should seriously consider extending it sooner rather than later. When a lease has below 80 years outstanding, under the current legislation the freeholder can calculate and charge a larger premium, based on a technical calculation, known as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Lenders will not grant a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This may cause difficulties once you need to dispose of or refinance your property as it will be effectively unmortgageable. Even though you may have no imminent plan to sell but when you do your buyer must hold off for two years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Bush Hill Park?

Lease extensions in Bush Hill Park can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Bush Hill Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bush Hill Park Lease Extension Case Summaries:

Connor, Bush Hill Park, North London

Last Winter Connor, started to get near to the 80-year mark with the lease on his leasehold flat in Bush Hill Park. Having purchased his home two decades ago, the lease term was of little concern. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Connor was able to extend his lease just ahead of time last March. Connor and the freeholder in the end agreed on an amount of £5,000 . If he not met the deadline, the figure would have increased by a minimum £1,100.

Bush Hill Park case:

Last Spring we were called by Mr and Mrs. I Nelson , who owned a studio apartment in Bush Hill Park in October 1996. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Comparative premises in Bush Hill Park with a long lease were valued around £260,000. The average ground rent payable was £50 invoiced monthly. The lease expired in 2098. Taking into account 72 years left we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.