Why you should start your Grahame Park lease extension

Why you should start your Grahame Park lease extension today:

Increase your lease and increase your Grahame Park property value

When it comes to long leasehold property in Grahame Park, you are actually buying a right to reside in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater notably when there are less than 80 years left. Residents in Grahame Park with a lease drawing near to 81 years left should seriously consider extending it as soon as possible. When the lease term has less than eighty years left, under the relevant Act the landlord is entitled to calculate and demand a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is payable.

Grahame Park property with a lease extension is almost the same value as a freehold

Leasehold premises in Grahame Park with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders will not finance a property on a short lease

Lending institutions have set criteria when loaning monies charged on leasehold homes. Some will simply refrain from lending at all once the remaining lease term slips lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years as adequate security. As well as this being important when selling, it is also relevant where you are seeking to refinance your Grahame Park home.

Why use us for your lease extension in Grahame Park?

Regardless of whether you are a tenant or a freeholder in Grahame Park,the lease extension solicitors 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:

Hunter, Grahame Park, North London,

Hunter was the the leasehold owner of a 2 bedroom flat in Grahame Park being marketed with a lease of fraction over fifty eight years left. Hunter informally contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Hunter to invoke his statutory right. Hunter obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Grahame Park case:

In 2011 we were contacted by Ms Grace Cox who, having bought a one bedroom flat in Grahame Park in March 2012. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparable residencies in Grahame Park with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 invoiced yearly. The lease came to a finish in 2077. Given that there were 51 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £43,700 and £50,600 exclusive of expenses.