Main reasons to start your Grahame Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Grahame Park property value

When it comes to long leasehold property in Grahame Park, you are actually buying a right to reside in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive particularly when there are fewer than eighty years left. Anyone in Grahame Park with a lease nearing 81 years left should seriously think of extending it without delay. Once a lease has below eighty years outstanding, under the relevant legislation the landlord is entitled to calculate and charge a greater premium, based on a technical computation, strangely termed as “marriage value” which is due.

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

Leasehold premises in Grahame Park with more than 100 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 premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may not finance a property with a short lease

Nearly all mortgage lenders require a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is probable that someone wanting to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the value of the property could be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

Get in touch with one of our Grahame Park lease extension solicitors or enfranchisement solicitors

Retaining our service gives you increased control over the value of your Grahame Park leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Grahame Park Lease Extension Example Cases:

Poppy, Grahame Park, North London,

Subsequent to unsuccessful discussions with the freeholder of her one bedroom flat in Grahame Park, Poppy initiated the lease extension process just as the lease was approaching the all-important 80-year mark. The legal work completed in June 2015. The freeholder’s costs were kept to an absolute minimum.

Grahame Park case:

Mr and Mrs. M Clarke acquired a one bedroom flat in Grahame Park in April 1995. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Identical properties in Grahame Park with 100 year plus lease were in the region of £250,000. The mid-range amount of ground rent was £50 collected monthly. The lease ended on 11 October 2096. Considering the 70 years left we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.