Top reasons for Page Green lease extension

Top reasons for lease extension now:

A Page Green leasehold property depreciates with the years remaining on the lease.

Page Green leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Page Green residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Page Green you would be well advised to see if your lease has between seventy and ninety years left. There are compelling reasons why a Page Green leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is effected without delay

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

Leasehold premises in Page Green with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Banks and building societies are really restricting their approach as regards to homes in Page Green with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

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

Lease extensions in Page Green can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience dealing with Page Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Page Green Lease Extension Case Studies:

Samantha, Page Green, North London,

Following unsuccessful negotiations with the landlord of her leasehold apartment in Page Green, Samantha commenced the lease extension process as the eighty year deadline was rapidly advancing. The transaction completed in September 2007. The freeholder’s fees were kept to an absolute minimum.

Page Green case:

In 2014 we were contacted by Mr and Mrs. Y Cox who, having owned a garden apartment in Page Green in May 2008. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Comparable homes in Page Green with a long lease were worth £280,000. The average ground rent payable was £45 invoiced every twelve months. The lease expiry date was in 2096. Having 70 years left we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.