Top reasons for Camden lease extension

Why you should start your Camden lease extension today:

Increase your lease and increase your Camden property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Camden. Clearly, the length of lease left reduces over time. This is often ignored and only becomes a problem when the property needs to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Eligible leaseholders in Camden have the legal entitlement to extend the lease for a further ninety years under legislation. You should give careful deliberation before delaying your Camden lease extension. Putting off the cost now simply increases the price you will ultimately have to pay to extend your lease

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

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not finance a property with a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining at the end of the mortgage. As plenty of flats in Camden were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

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

The conveyancing solicitors that we work with handle Camden 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.

Camden Lease Extension Example Cases:

Aarav, Camden, North London,

Aarav owned a conversion flat in Camden being marketed with a lease of a little over 59 years remaining. Aarav on an informal basis approached his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aarav to exercise his statutory right. Aarav procured expert advice and secured satisfactory deal without resorting to tribunal and sell the flat.

Camden case:

Last Winter we were phoned by Dr Isabel Martínez , who took over the lease of a purpose-built apartment in Camden in August 2011. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative properties in Camden with a long lease were worth £189,000. The mid-range ground rent payable was £55 billed per annum. The lease finished on 14 January 2079. Having 53 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of fees.