Top reasons for Gospel Oak lease extension

Why you should start your Gospel Oak lease extension today:

Increase your lease and increase your Gospel Oak property value

For those whose Gospel Oak flat is held on a long lease, the message is clear – if you ignore the situation, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.

Gospel Oak property with a lease extension is almost the same value as a freehold

Leasehold properties in Gospel Oak with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may decide not to issue a mortgage on a short lease

Lenders do not like short residential leases. You are likely to experience difficulties where you need to sell your flat in Gospel Oak if the remaining term of your lease is under the criteria set by most mortgage companies. Different mortgage companies have varying criteria but on the whole theyrequire an unexpired term of at least seventy years.

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

Lease extensions in Gospel Oak can be a difficult process. We recommend you get guidance from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Gospel Oak lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Gospel Oak Lease Extension Case Studies:

Lewis, Gospel Oak, North London,

Lewis owned a 2 bedroom apartment in Gospel Oak on the market with a lease of a little over 59 years outstanding. Lewis informally approached his freeholder a well known Manchester-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 on the basis of a new rent initially set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Lewis to invoke his statutory right. Lewis procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Gospel Oak case:

Last Winter we were contacted by Mr and Mrs. U Campbell , who bought a one bedroom apartment in Gospel Oak in July 2008. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Comparative properties in Gospel Oak with 100 year plus lease were valued about £218,000. The average amount of ground rent was £45 billed per annum. The lease expired on 15 July 2089. Given that there were 63 years unexpired we estimated the compensation to the landlord for the lease extension to be within £17,100 and £19,800 exclusive of expenses.