Why you should start your Canons Park lease extension

Main reasons to start your Canons Park lease extension today:

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

The market value of Canons Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Canons Park with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to loan monies on a short lease

What makes us experts in Canons Park lease extensions?

Lease extensions in Canons Park can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in lease extensions.

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 procuring 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 Example Cases:

Aiden, Canons Park, North West London,

Aiden was the the leasehold proprietor of a high value apartment in Canons Park on the market with a lease of a little over 61 years unexpired. Aiden informally approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be due on a lease extension were Aiden to invoke his statutory right. Aiden procured expert advice and secured an acceptable resolution without going to tribunal and sell the property.

Canons Park case:

Mrs A Roux purchased a garden flat in Canons Park in March 1996. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Comparative flats in Canons Park with 100 year plus lease were valued around £257,800. The mid-range ground rent payable was £65 collected monthly. The lease terminated on 2 October 2091. Considering the 65 years left we estimated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 plus fees.

Canons Park case:

In 2011 we were approached by Ms P Rose who, having acquired a garden apartment in Canons Park in March 2006. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Canons Park with 100 year plus lease were valued about £191,400. The average amount of ground rent was £55 collected every twelve months. The lease ended on 11 January 2080. Having 54 years remaining we estimated the compensation to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of expenses.