Top reasons for Grove Park lease extension

Main reasons to commence your Grove Park lease extension today:

A Grove Park lease depreciates with the years remaining on the lease.

The value of Grove Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Grove Park with in excess of 100 years remaining 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 upside in buying the freehold unless savings on ground rent and service charges justify it.

Lenders may decide not to grant a mortgage on a short lease

Almost all mortgage companies will be unwilling to lend on a lease with less than seventy years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Grove Park property becoming difficult to sell or to obtain finance on.

What makes us experts in Grove Park lease extensions?

Regardless of whether you are a tenant or a freeholder in Grove Park,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Grove Park valuers.

Grove Park Lease Extension Case Studies:

Ollie, Grove Park, South East London,

Ollie owned a high value flat in Grove Park being marketed with a lease of a little over 61 years remaining. Ollie informally spoke with his freeholder a well known Manchester-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 a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ollie to exercise his statutory right. Ollie obtained expert legal guidance and secured satisfactory resolution informally and readily saleable.

Grove Park case:

Mrs Lauren Parker acquired a one bedroom apartment in Grove Park in April 2012. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparative residencies in Grove Park with an extended lease were worth £270,000. The average amount of ground rent was £55 invoiced monthly. The lease ran out on 17 October 2101. Having 76 years left we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.