Why you should start your Grahame Park lease extension

Why you should start your Grahame Park lease extension today:

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

Grahame Park leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Grahame Park tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Grahame Park you would be well advised to investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold residencies in Grahame Park with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not grant a mortgage on a short lease

What makes us experts in Grahame Park lease extensions?

The lawyers that we work with handle Grahame Park 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 lawyer we work with provide it.

Grahame Park Lease Extension Case Summaries:

Hunter, Grahame Park, North London,

Hunter was the the leasehold proprietor of a studio apartment in Grahame Park being sold with a lease of fraction over 61 years outstanding. Hunter informally contacted his freeholder being a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Hunter to exercise his statutory right. Hunter obtained expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Grahame Park case:

In 2009 we were contacted by Mr and Mrs. P Ricardo who, having owned a ground floor apartment in Grahame Park in July 2003. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Comparative flats in Grahame Park with an extended lease were worth £168,800. The average ground rent payable was £60 collected every twelve months. The lease concluded on 13 February 2081. Given that there were 55 years unexpired we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 plus fees.