Top reasons for Grove Park lease extension

Why you should commence your Grove Park lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Grove Park. Inevitably, the length of lease left shortens as time goes by. This may slip by relatively unnoticed when the flat or house has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Grove Park have the legal entitlement to extend the lease for a further ninety years under statute. Please give due deliberation before putting off your Grove Park lease extension. Putting off the cost now only increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lenders will not grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Grove Park with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing the number of prospective buyers.

What makes us experts in Grove Park lease extensions?

Lease extensions in Grove Park can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in this area.

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:

Kyle, Grove Park, South East London,

Kyle was the the leasehold proprietor of a studio apartment in Grove Park on the market with a lease of fraction over 59 years outstanding. Kyle on an informal basis approached his freeholder being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be payable on a lease extension were Kyle to exercise his statutory right. Kyle procured expert advice and secured an acceptable deal informally and sell the property.

Grove Park case:

In 2010 we were approached by Dr E Richardson who, having purchased a one bedroom apartment in Grove Park in May 2007. The dilemma was if we could estimate the premium would likely be to prolong the lease by 90 years. Identical properties in Grove Park with a long lease were valued around £246,800. The mid-range ground rent payable was £60 invoiced per annum. The lease concluded in 2076. Having 50 years remaining we approximated the premium to the landlord to extend the lease to be within £44,700 and £51,600 plus fees.