Main reasons to commence your Edgwarebury lease extension

Main reasons to start your Edgwarebury lease extension today:

Increase your lease and increase your Edgwarebury property value

For those whose Edgwarebury home is held on a long lease, our message is clear – if no remedial action is taken, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold premises in Edgwarebury with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Lending institutions will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This may be problematic as and when you wish to sell or refinance your flat as it will be effectively unmortgageable. Even though you may not have an immediate intention to sell but when you do your buyer must wait a couple of years before being able to initiate the legal procedures for a lease extension.

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

Regardless of whether you are a tenant or a freeholder in Edgwarebury,the lease extension experts 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 Edgwarebury valuers.

Edgwarebury Lease Extension Example Cases:

Oliver, Edgwarebury, North London

In recent months Oliver, came very near to the eighty-year mark with the lease on his leasehold apartment in Edgwarebury. In buying his flat 18 years previously, the unexpired term was of no bearing. Thankfully, he noticed he needed to take steps soon on a lease extension. Oliver extended the lease just under the wire in January. Oliver and the freeholder via the management company eventually settled on an amount of £5,000 . If the lease had gone to less than 80 years, the figure would have increased by at least £925.

Edgwarebury case:

In 2013 we were e-mailed by Mrs P Adams who, having took over the lease of a garden flat in Edgwarebury in January 2000. The dilemma was if we could estimate the price would be to extend the lease by ninety years. Similar premises in Edgwarebury with 100 year plus lease were valued about £300,000. The mid-range amount of ground rent was £50 invoiced annually. The lease lapsed in 2102. Given that there were 76 years unexpired we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.