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 only way is down when it comes to Grove Park lease terms. Grove Park flats that have a residual term less than than 80 years will reduce in value even faster, and the cost of extending your lease will rise.

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

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

Mortgage lenders will not grant a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are considered to be insufficient for lending purposes.

What makes us experts in Grove Park lease extensions?

The conveyancers that we work with handle Grove Park lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Grove Park Lease Extension Case Studies:

Max, Grove Park, South East London

In recent months Max, came very near to the eighty-year threshold with the lease on his first floor apartment in Grove Park. Having purchased his property two decades ago, the lease term was of little concern. Fortunately, it dawned on him that he needed to take steps soon on Extending the lease. Max was able to extend his lease at the eleventh hour last September. Max and the landlord eventually settled on an amount of £5,500 . If he failed to meet the deadline, the figure would have increased by at least £1,050.

Grove Park case:

Dr Eleanor Gray purchased a one bedroom flat in Grove Park in September 1997. We are asked if we could approximate the price would be to prolong the lease by 90 years. Similar premises in Grove Park with an extended lease were in the region of £191,000. The average amount of ground rent was £65 billed monthly. The lease finished on 25 November 2084. Having 58 years remaining we estimated the compensation to the freeholder to extend the lease to be between £23,800 and £27,400 exclusive of costs.