Why you should start your Gospel Oak lease extension

Top reasons for lease extension now:

A Gospel Oak lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Gospel Oak. Inevitably, the period of lease remaining reduces over time. This is often overlooked and only becomes a problem when the flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Eligible leaseholders in Gospel Oak have the legal entitlement to extend the lease for an additional ninety years under statute. Please give due consideration before delaying your Gospel Oak lease extension. Putting off the cost now only increases the price you will ultimately have to pay for a lease extension

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not loan monies on a short lease

Why use us for your lease extension in Gospel Oak?

The conveyancers that we work with undertake Gospel Oak 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 conveyancer we work with provide it.

Gospel Oak Lease Extension Example Cases:

Callum, Gospel Oak, North London,

Callum was the the leasehold owner of a conversion flat in Gospel Oak being sold with a lease of fraction over 61 years remaining. Callum informally contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Callum to invoke his statutory right. Callum obtained expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.

Gospel Oak case:

Last Summer we were phoned by Dr K Morgan , who bought a first floor apartment in Gospel Oak in May 1996. The question was if we could approximate the price would be to prolong the lease by 90 years. Comparable premises in Gospel Oak with an extended lease were worth £254,200. The mid-range ground rent payable was £60 invoiced quarterly. The lease ended in 2077. Having 51 years remaining we calculated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 plus legals.