Top reasons for Grahame Park lease extension

Why you should commence 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 your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Grahame Park residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Grahame Park you should check if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

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 outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

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

The trend since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. In the past banks would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Grahame Park?

Retaining our service gives you enhanced 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 want 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 Example Cases:

John, Grahame Park, North London,

John was the the leasehold owner of a high value apartment in Grahame Park on the market with a lease of just over fifty eight years remaining. John on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were John to invoke his statutory right. John obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and sell the property.

Grahame Park case:

Last Autumn we were e-mailed by Mrs T Hernández , who moved into a first floor apartment in Grahame Park in June 2000. The question was if we could approximate the price would be for a 90 year extension to my lease. Identical homes in Grahame Park with 100 year plus lease were worth £264,000. The average ground rent payable was £60 invoiced quarterly. The lease finished in 2078. Having 53 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 exclusive of professional charges.