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

With a domestic leasehold premises in Grahame Park, you are in fact renting it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater especially once there are less than eighty years remaining. Leasehold owners in Grahame Park with a lease nearing 81 years unexpired should seriously consider extending it sooner than later. When a lease has under 80 years remaining, under the current statute the freeholder can calculate and demand a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.

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

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not grant a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This may be problematic when you come to sell or remortgage your property as it will be practically unmortgageable. You might not have an imminent plan to sell but when you do your purchaser must wait two years before being able to exercise the right to a a lease extension.

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

Retaining our service gives you better control over the value of your Grahame Park leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Grahame Park Lease Extension Case Summaries:

Ryan, Grahame Park, North London

Last October Ryan, started to get close to the eighty-year threshold with the lease on his studio apartment in Grahame Park. In buying his home twenty years ago, the unexpired term was of no concern. As luck would have it, he recognised he would soon be paying an escalated premium for a lease extension. Ryan extended the lease just under the wire in May. Ryan and the landlord who owned the flat above in the end settled on an amount of £6,000 . If the lease had fallen to less than eighty years, the figure would have increased by a minimum £900.

Grahame Park case:

Last Winter we were called by Ms I Howard , who purchased a one bedroom flat in Grahame Park in June 1995. The question was if we could estimate the price would be to extend the lease by an additional years. Similar residencies in Grahame Park with an extended lease were in the region of £235,200. The mid-range ground rent payable was £45 collected yearly. The lease came to a finish on 18 November 2092. Given that there were 66 years unexpired we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus costs.