Top reasons for Cockfosters lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cockfosters property value

Unfortunately that a Cockfosters residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Cockfosters property market.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. If lease term slips below eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Cockfosters will be able to extend under the legislation; however a lawyer should be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not issue a mortgage with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate providing a mortgage on it. Even if you don't need a mortgage, you should be mindful that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of the property could be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Cockfosters lease extensions?

The lawyers that we work with handle Cockfosters 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 conveyancer we work with provide it.

Cockfosters Lease Extension Example Cases:

Harry, Cockfosters, North London

Last Christmas Harry, came very near to the eighty-year mark with the lease on his two bedroom flat in Cockfosters. In buying his property twenty years ago, the lease term was of little relevance. Fortunately, it dawned on him that he would soon be paying an inflated amount for a lease extension. Harry extended the lease just under the wire in September. Harry and the landlord who owned the flat above eventually agreed on an amount of £5,500 . If he had missed the deadline, the premium would have escalated by a minimum £1,100.

Cockfosters case:

Dr Leon Thomas moved into a garden apartment in Cockfosters in October 2007. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Identical residencies in Cockfosters with a long lease were valued about £300,000. The mid-range ground rent payable was £50 billed annually. The lease ended on 13 November 2101. Having 75 years left we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus expenses.