Main reasons to start your Canons Park lease extension

Why you should start your Canons Park lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Canons Park. Clearly, the period of lease left shortens as time goes by. This is often overlooked and only raises itself as an issue when the flat or house needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Canons Park have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please give due consideration before delaying your Canons Park lease extension. Putting off that expense now only increases the price you will eventually incur for a lease extension

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage on a short lease

The trend since over the last decade has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically mortgage companies would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Canons Park?

Lease extensions in Canons Park can be a difficult process. We recommend you obtain 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 in-depth market knowledge dealing with Canons Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Canons Park Lease Extension Case Studies:

Max, Canons Park, North West London,

Max was the the leasehold proprietor of a 2 bedroom flat in Canons Park on the market with a lease of a few days over fifty eight years remaining. Max informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 yearly. No ground rent would be due on a lease extension were Max to exercise his statutory right. Max obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Canons Park case:

In 2010 we were called by Ms Harriet Roberts who, having took over the lease of a first floor apartment in Canons Park in May 2007. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparative premises in Canons Park with a long lease were in the region of £200,000. The average amount of ground rent was £50 invoiced yearly. The lease finished in 2103. Taking into account 77 years outstanding we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.

Canons Park case:

In 2010 we were approached by Mr Jamie Moreau who, having bought a first floor flat in Canons Park in February 2004. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Comparable residencies in Canons Park with a long lease were in the region of £260,200. The average ground rent payable was £65 invoiced per annum. The lease lapsed in 2092. Having 66 years as a residual term we estimated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including fees.