Main reasons to start your Finsbury Park lease extension

Why you should start your Finsbury Park lease extension today:

Increase your lease and increase your Finsbury Park property value

The value of Finsbury Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the remaining term is less than eighty years

Finsbury Park property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders will not loan monies on a short lease

Mortgage companies are really restricting their approach as regards to properties in Finsbury Park with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

Why use us for your lease extension in Finsbury Park?

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

Finsbury Park Lease Extension Case Studies:

Kate, Finsbury Park, North London,

In the wake of 9 months of unsuccessful discussions with the landlord of her basement apartment in Finsbury Park, Kate started the lease extension process just as her lease was nearing the crucial eighty-year deadline. The transaction completed in July 2012. The landlord’s fees were negotiated to under 450 pounds.

Finsbury Park case:

Last Christmas we were called by Mr and Mrs. L Bertrand , who moved into a ground floor apartment in Finsbury Park in January 2011. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Identical residencies in Finsbury Park with a long lease were valued around £240,600. The average amount of ground rent was £60 collected quarterly. The lease lapsed on 16 March 2088. Considering the 62 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 plus fees.