Top reasons for Grove Park lease extension

Main reasons to start your Grove Park lease extension today:

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

The re-sale value of a leasehold property in Grove Park is impacted by how many years the lease has left to run. If it is close to or fewer than 80 years you should foresee problems on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is preferable to commence the process of extending the lease is when the lease still has 82 years to run so that all matters can be addressed in advance of the eighty year cut off point. Current legislation entitles Grove Park qualifying lessees to an additional term of ninety years in addition to the remaining term, at a notional rent (zero ground rent). The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not finance a property with a short lease

Banks and building societies are really restricting their approach as regards to homes in Grove Park with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus limiting the amount of prospective purchasers.

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 experts 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 Example Cases:

Abigail, Grove Park, South East London,

Subsequent to lengthy negotiations with the freeholder of her ground floor flat in Grove Park, Abigail initiated the lease extension process as the eighty year threshold was rapidly advancing. The legal work was finalised in June 2008. The freeholder’s charges were restricted to under 700 pounds.

Grove Park case:

Dr Samuel Hall bought a purpose-built flat in Grove Park in August 2012. The dilemma was if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Similar homes in Grove Park with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 billed yearly. The lease finished on 28 February 2103. Taking into account 77 years left we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of expenses.