Why you should commence your Page Green lease extension

Main reasons to start your Page Green lease extension today:

Increase your lease and increase your Page Green property value

It’s a harsh truth that a Page Green residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Page Green property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. If lease term drops below 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Page Green will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

Page Green property with a lease extension has roughly the same value as a freehold

Leasehold properties in Page Green with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may decide not to loan monies on a short lease

Mortgage lenders have specific criteria when lending funds charged on leasehold property. Some will simply not lend at all once an unexpired lease term slips beneath a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining below 75 years as acceptable security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Page Green property.

Get in touch with one of our Page Green lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you enhanced control over the value of your Page Green leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Page Green Lease Extension Case Summaries:

Joshua, Page Green, North London

In 2014 Joshua, came precariously close to the eighty-year threshold with the lease on his two bedroom apartment in Page Green. Having bought his home 18 years previously, the lease term was of minimal interest. by good luck, he became aware that he would imminently be paying an escalated premium for Extending the lease. Joshua was able to extend his lease at the eleventh hour last April. Joshua and the landlord who owned the flat above ultimately agreed on a premium of £5,500 . If the lease had fallen below eighty years, the premium would have become more exhorbitant by a minimum £1,100.

Page Green case:

In 2012 we were contacted by Mrs Poppy Clarke who, having purchased a one bedroom apartment in Page Green in August 2004. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative residencies in Page Green with a long lease were valued about £216,000. The average ground rent payable was £60 collected yearly. The lease termination date was in 2084. Given that there were 58 years outstanding we approximated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of legals.