Why you should start your Grahame Park lease extension

Top reasons for lease extension now:

A Grahame Park leasehold property depreciates with the years remaining on the lease.

As the length of the unexpired term of a Grahame Park domestic lease diminished so does its value and therefore the value of your property. Where the lease has, more than 99 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease sooner as opposed to later. The majority of flat owners in Grahame Park will qualify for this right; however a conveyancing solicitor can confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Grahame Park with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

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

Banks and building societies are really restricting their approach as regards to homes in Grahame Park with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus narrowing the amount of potential purchasers.

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

Irrespective of whether you are a tenant or a landlord in Grahame Park,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Grahame Park valuers.

Grahame Park Lease Extension Example Cases:

Phoebe, Grahame Park, North London,

In the wake of 9 months of protracted negotiations with the freeholder of her studio apartment in Grahame Park, Phoebe started the lease extension process just as her lease was coming close to the all-important 80-year deadline. The legal work was concluded in February 2007. The freeholder’s charges were kept to an absolute minimum.

Grahame Park case:

In 2014 we were called by Mr and Mrs. I Flores who, having owned a ground floor flat in Grahame Park in October 2005. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Similar homes in Grahame Park with 100 year plus lease were valued around £280,000. The mid-range ground rent payable was £55 billed monthly. The lease lapsed on 13 February 2104. Having 78 years outstanding we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus fees.