Top reasons for Page Green lease extension

Top reasons for lease extension now:

Increase your lease and increase your Page Green property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Page Green. Clearly, the term of lease left reduces as time goes by. This may slip by relatively unnoticed when the property needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying leaseholders in Page Green have the right to extend the lease for a further ninety years under Leasehold Reform legislation. Do give careful consideration before putting off your Page Green lease extension. Holding off the cost now simply increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not lend with a short lease

Lenders are making their criteria more stringent and many now want flats to have at least sixty if not seventy years left at the end of the mortgage. As many flats in Page Green were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Page Green?

The lawyers that we work with undertake Page Green 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.

Page Green Lease Extension Case Studies:

Jackson, Page Green, North London

During the course of the last few months Jackson, started to get near to the eighty-year threshold with the lease on his ground floor apartment in Page Green. Having purchased his home two decades ago, the lease term was of little interest. Thankfully, he became aware that he would soon be paying an escalated premium for Extending the lease. Jackson extended the lease at the eleventh hour in January. Jackson and the freeholder in the end agreed on sum of £5,500 . If the lease had slid to less than 80 years, the figure would have increased by at least £925.

Page Green case:

Last Summer we were phoned by Mr and Mrs. K Sharif , who owned a one bedroom apartment in Page Green in February 2007. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Similar properties in Page Green with an extended lease were in the region of £265,200. The average ground rent payable was £65 collected annually. The lease end date was in 2092. Having 66 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 not including fees.