Top reasons for Gidea Park lease extension

Main reasons to commence your Gidea Park lease extension today:

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

Gidea Park leases on domestic deteriorating in value. if your lease has approximately 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for the lease extension to be in place before the term of the current lease dips below eighty years - otherwise a higher amount will be payable. Leasehold owners in Gidea Park will usually qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain situations you may not qualify. There are also strict deadlines and formalities to follow once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Lending institutions have set criteria when lending funds charged on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term falls beneath a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your Gidea Park property.

What makes us experts in Gidea Park lease extensions?

Irrespective of whether you are a tenant or a freeholder in Gidea Park,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 Gidea Park valuers.

Gidea Park Lease Extension Case Summaries:

Mollie, Gidea Park, London,

Trailing protracted discussions with the landlord of her basement apartment in Gidea Park, Mollie initiated the lease extension process just as the lease was approaching the crucial eighty-year mark. The transaction completed in August 2007. The freeholder’s charges were kept to an absolute minimum.

Gidea Park case:

Mr and Mrs. D Hill moved into a purpose-built apartment in Gidea Park in February 2010. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical properties in Gidea Park with a long lease were valued around £220,400. The average amount of ground rent was £45 collected yearly. The lease terminated on 6 October 2090. Taking into account 64 years unexpired we calculated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 not including professional charges.