Why you should start your Finsbury Park lease extension

Top reasons for lease extension now:

A Finsbury Park lease depreciates with the years remaining on the lease.

The only way is down when it comes to Finsbury Park lease terms. Finsbury Park flats that have a residual term fewer than 80 years will reduce in value even faster, and the cost of extending your lease will go up.

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

Leasehold premises in Finsbury Park with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to lend on a short lease

Many mortgage companies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate lending on it. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wishing to acquire your property in the future might well do, so in the event that they are unable to secure a mortgage, then the financial worth of your property will likely be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Finsbury Park?

Using our service gives you enhanced control over the value of your Finsbury Park leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Finsbury Park Lease Extension Case Studies:

Ellen, Finsbury Park, North London,

After protracted discussions with the freeholder of her basement apartment in Finsbury Park, Ellen commenced the lease extension process just as her lease was nearing the crucial eighty-year mark. The transaction was concluded in August 2005. The landlord’s costs were negotiated to slightly above six hundred GBP.

Finsbury Park case:

Mr and Mrs. I Hill moved into a purpose-built apartment in Finsbury Park in November 2004. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar properties in Finsbury Park with a long lease were worth £295,000. The mid-range ground rent payable was £45 billed every twelve months. The lease expired in 2100. Having 74 years remaining we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.