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

It’s a harsh certainty that a Grahame Park residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Grahame Park property prices.Once your lease gets to 85ish years, you should start considering a lease extension. If the number of years remaining drops under 80 years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most flat owners in Grahame Park will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

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

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to issue a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This will cause difficulties once you need to market or refinance your flat as it will be practically unmortgageable. You might have no imminent intention to sell but when you do your purchaser will have to wait a couple of years before being able to commence the legal procedures for a lease extension.

Why use us for your lease extension in Grahame Park?

Lease extensions in Grahame Park can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.

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 procuring Grahame Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Grahame Park Lease Extension Example Cases:

Cameron, Grahame Park, North London,

Cameron was the the leasehold owner of a studio flat in Grahame Park being marketed with a lease of just over 61 years left. Cameron on an informal basis contacted his freeholder a well known London-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 subject to an increased rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Cameron to exercise his statutory right. Cameron procured expert legal guidance and was able to make an informed judgement and handle with the matter and sell the flat.

Grahame Park case:

Dr U Lee moved into a garden flat in Grahame Park in June 2010. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Comparative flats in Grahame Park with a long lease were in the region of £265,000. The average amount of ground rent was £50 collected yearly. The lease elapsed in 2100. Taking into account 74 years outstanding we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.