Why you should commence your Edgwarebury lease extension

Why you should start your Edgwarebury lease extension today:

Increase your lease and increase your Edgwarebury property value

For anyone whose Edgwarebury flat is held on a long lease, our message is clear – if you ignore the situation, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

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

It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to finance a property with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will be problematic as and when you wish to market or remortgage your property as it will be practically unmortgageable. Even though you might not have an imminent intention to sell but when you do your purchaser must wait two years before they can initiate the legal procedures for a lease extension.

What makes us experts in Edgwarebury lease extensions?

The conveyancing solicitors that we work with undertake Edgwarebury 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.

Edgwarebury Lease Extension Case Studies:

Alex, Edgwarebury, North London,

Alex was the the leasehold proprietor of a 2 bedroom flat in Edgwarebury being sold with a lease of a few days over 59 years unexpired. Alex on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Alex to exercise his statutory right. Alex procured expert legal guidance and secured an acceptable deal informally and sell the property.

Edgwarebury case:

Mr and Mrs. G Anderson completed a studio flat in Edgwarebury in January 2002. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical residencies in Edgwarebury with a long lease were valued around £208,600. The mid-range ground rent payable was £60 collected monthly. The lease elapsed in 2083. Taking into account 57 years unexpired we approximated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 not including professional charges.