Why you should start your Grove Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Grove Park property value

The re-sale value of a leasehold property in Grove Park is impacted by how many years the lease has remaining. If it is close to or less than 80 years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension prior to purchasing. It is preferable to start the process of extending the lease is when the lease still has 82 years remaining so that all matters can be concluded ahead of the 80 year cut off point. Leasehold Reform legislation entitles Grove Park qualifying lessees to acquire a lease extension of ninety years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The reason of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

Leasehold residencies in Grove Park with in excess of 100 years left on the lease are often 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 to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Lending institutions may not lend on a short lease

Mortgage lenders have specific criteria when lending monies secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term slips beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than 75 years suitable security. In addition to impacting your ability to sell, it is also relevant where you are wanting to remortgage your Grove Park home.

Why use us for your lease extension in Grove Park?

Lease extensions in Grove Park can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Grove Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Grove Park Lease Extension Example Cases:

Sebastian, Grove Park, South East London

Last Autumn Sebastian, came precariously close to the 80-year mark with the lease on his garden flat in Grove Park. Having purchased his home two decades ago, the length of the lease was of little importance. Luckily, he became aware that he would soon be paying way over the odds for Extending the lease. Sebastian extended the lease just under the wire in May. Sebastian and the landlord who owned the flat above ultimately agreed on a premium of £5,500 . If the lease had slid to less than eighty years, the price would have increased by a minimum £875.

Grove Park case:

Last Summer we were e-mailed by Dr Isabel Ward , who owned a garden apartment in Grove Park in August 2011. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable flats in Grove Park with 100 year plus lease were valued around £166,400. The mid-range amount of ground rent was £60 billed yearly. The lease elapsed on 3 November 2080. Having 54 years unexpired we estimated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 not including expenses.