Why you should start your New Southgate lease extension

Main reasons to start your New Southgate lease extension today:

Increase your lease and increase your New Southgate property value

As the length of the unexpired term of a New Southgate domestic lease decreases so does its value and therefore the value of your property. If the residual term has, over 100 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease without delay. Most flat owners in New Southgate will meet the qualifying criteria; that being said a conveyancing solicitor will be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

New Southgate property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not loan monies with a short lease

Banks and building societies will not lend on short residential leases. You are likely to experience problems if you want to sell your flat in New Southgate if the unexpired lease term is under the criteria set by the majority of lenders. Different mortgage companies have varying criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

What makes us experts in New Southgate lease extensions?

Regardless of whether you are a tenant or a freeholder in New Southgate,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with New Southgate valuers.

New Southgate Lease Extension Example Cases:

Seth, New Southgate, North London

Half a year ago Seth, came dangerously near to the eighty-year mark with the lease on his first floor flat in New Southgate. Having bought his property two decades ago, the length of the lease was of little importance. As luck would have it, he realised he would soon be paying an inflated amount for Extending the lease. Seth extended the lease just under the wire in May. Seth and the freeholder via the management company ultimately settled on an amount of £6,000 . If he failed to meet the deadline, the amount would have gone up by at least £1,000.

New Southgate case:

In 2012 we were phoned by Mr J Mercier who, having completed a first floor apartment in New Southgate in April 1999. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative properties in New Southgate with a long lease were valued around £191,400. The mid-range amount of ground rent was £55 collected monthly. The lease elapsed in 2080. Considering the 54 years unexpired we estimated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 exclusive of costs.