Top reasons for Edgware lease extension

Why you should commence your Edgware lease extension today:

Increase your lease and increase your Edgware property value

Edgware leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Edgware residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Edgware you really ought to investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Edgware leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is put in place without delay

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

It is generally considered that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to issue a mortgage on a short lease

Lending institutions have set criteria when lending monies secured on leasehold property. Many will simply refrain from lending at all once the residual lease term goes below a certain unexpired lease term. Many Lending institutions will not regard property with a remaining below seventy years as acceptable security. As well as this being important when selling, it is also relevant if you are seeking to refinance your Edgware property.

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

The conveyancing solicitors that we work with handle Edgware 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.

Edgware Lease Extension Case Summaries:

Leo, Edgware, North London

Last Christmas Leo, started to get near to the 80-year threshold with the lease on his two bedroom apartment in Edgware. Having bought his home 19 years ago, the lease term was of little concern. As luck would have it, he realised he would imminently be paying way over the odds for Extending the lease. Leo extended the lease at the eleventh hour in March. Leo and the freeholder subsequently settled on sum of £5,500 . If the lease had fallen to less than eighty years, the premium would have become more costly by at least £1,150.

Edgware case:

Mr and Mrs. V Taylor completed a purpose-built flat in Edgware in November 2000. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparative residencies in Edgware with 100 year plus lease were worth £242,600. The average ground rent payable was £45 collected per annum. The lease came to a finish on 26 May 2093. Having 67 years outstanding we approximated the premium to the landlord to extend the lease to be between £11,400 and £13,200 not including professional charges.