Top reasons for Grove Park lease extension

Why you should start your Grove Park lease extension today:

Increase your lease and increase your Grove Park property value

Grove Park leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Most owners of residential leasehold property in Grove Park enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Grove Park you really ought to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

Leasehold residencies in Grove Park with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may decide not to issue a mortgage with a short lease

Mortgage companies do not lend on short residential leases. You most probably experience difficulties if you want to sell your flat in Grove Park if the remaining term of your lease is less than the criteria set by most banks and building societies. Different mortgage companies have different requirements but in the main theyrequire an unexpired term of at least 65 years.

What makes us experts in Grove Park lease extensions?

Engaging our service gives you increased control over the value of your Grove Park leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Grove Park Lease Extension Example Cases:

Muhammad, Grove Park, South East London

Twenty four months ago Muhammad, came precariously close to the 80-year mark with the lease on his leasehold flat in Grove Park. In buying his property twenty years ago, the unexpired term was of minimal bearing. by good luck, he recognised he would soon be paying an escalated premium for Extending the lease. Muhammad arranged for a lease extension at the eleventh hour last January. Muhammad and the freeholder via the management company subsequently settled on a premium of £5,500 . If he not met the deadline, the sum would have increased by at least £1,075.

Grove Park case:

Last month we were called by Dr R Turner , who acquired a studio flat in Grove Park in November 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative flats in Grove Park with 100 year plus lease were in the region of £265,000. The mid-range ground rent payable was £50 billed yearly. The lease ran out in 2099. Considering the 73 years remaining we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.