Top reasons for Palmers Green lease extension

Top reasons for lease extension now:

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

As the length of the unexpired term of a Palmers Green domestic lease lessens so does its value and therefore the value of your property. Where the lease has, beyond 100 years to run then this decrease may be of little impact that being said there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Palmers Green will qualify for this right; nevertheless a conveyancing solicitor will be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Palmers Green property with a lease extension is almost the same value as a freehold

Leasehold properties in Palmers Green with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not grant a mortgage with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now require flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As a number of flats in Palmers Green were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Palmers Green?

Using our service gives you increased control over the value of your Palmers Green leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Palmers Green Lease Extension Example Cases:

Aiden, Palmers Green, North London

Half a year ago Aiden, came very close to the 80-year threshold with the lease on his garden flat in Palmers Green. In buying his flat 18 years ago, the unexpired term was of little relevance. Thankfully, he noticed he needed to take steps soon on Extending the lease. Aiden extended the lease just ahead of time in June. Aiden and the freeholder via the managing agents subsequently settled on sum of £6,000 . If the lease had slipped to less than 80 years, the sum would have increased by a minimum £875.

Palmers Green case:

Dr Jasper Walker moved into a basement flat in Palmers Green in August 2006. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Identical residencies in Palmers Green with 100 year plus lease were in the region of £205,000. The mid-range ground rent payable was £50 invoiced annually. The lease lapsed in 2104. Having 78 years outstanding we approximated the premium to the landlord to extend the lease to be between £7,600 and £8,800 plus legals.