Top reasons for Bush Hill Park lease extension

Why you should commence your Bush Hill Park lease extension today:

Increase your lease and increase your Bush Hill Park property value

With a long leasehold premises in Bush Hill Park, you are in fact renting it for a certain period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive particularly once there are fewer than eighty years left. Residents in Bush Hill Park with a lease approaching 81 years remaining should seriously consider extending it sooner rather than later. Once a lease has under eighty years left, under the current legislation the freeholder can calculate and charge a larger premium, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.

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

Leasehold premises in Bush Hill Park with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions will not lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may be problematic as and when you need to sell or refinance your flat as it will be effectively unmortgageable. You may have no imminent plan to sell but when you do your buyer must wait a couple of years before being able to exercise the right to a an extension to the lease.

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

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

Bush Hill Park Lease Extension Case Summaries:

Ollie, Bush Hill Park, North London

16 months ago Ollie, came seriously near to the eighty-year mark with the lease on his first floor apartment in Bush Hill Park. In buying his property two decades ago, the unexpired term was of little interest. Thankfully, he noticed he needed to take steps soon on Extending the lease. Ollie was able to extend his lease just in the nick of time in June. Ollie and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If the lease had descended to less than eighty years, the premium would have gone up by a minimum £1,000.

Bush Hill Park case:

Last month we were e-mailed by Mrs Amelia Díaz , who moved into a first floor flat in Bush Hill Park in May 2005. We are asked if we could approximate the premium would be to extend the lease by a further 90 years. Comparative premises in Bush Hill Park with a long lease were valued about £275,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease elapsed on 13 October 2102. Given that there were 76 years as a residual term we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including professional charges.