Why you should start your Edgware lease extension

Top reasons for lease extension now:

Increase your lease and increase your Edgware property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Edgware. Clearly, the length of lease remaining reduces over time. This may pass by relatively unnoticed when the property needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Edgware have the legal entitlement to extend the lease for an additional ninety years under Leasehold Reform legislation. Please give careful deliberation before delaying your Edgware lease extension. Holding off that expense now likely increases the price you will eventually incur to extend your lease

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

Leasehold properties in Edgware with over 100 years left 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 upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to finance a property with a short lease

Lenders are tightening their criteria and many now expect flats to have at least sixty if not seventy years left once the mortgage has expired. Considering many flats in Edgware were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Edgware lease extensions?

Irrespective of whether you are a tenant or a freeholder in Edgware,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Edgware valuers.

Edgware Lease Extension Example Cases:

Mia, Edgware, North London,

In the wake of eight months of protracted discussions with the freeholder of her garden flat in Edgware, Mia started the lease extension process just as the lease was approaching the critical 80-year deadline. The legal work was concluded in September 2013. The landlord’s costs were restricted to below 500 GBP.

Edgware case:

Mrs Bethany Torres owned a studio flat in Edgware in June 2011. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Similar flats in Edgware with an extended lease were in the region of £254,200. The average amount of ground rent was £60 billed annually. The lease terminated in 2077. Taking into account 51 years left we calculated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 plus professional charges.