Main reasons to start your Palmers Green lease extension

Main reasons to start your Palmers Green lease extension today:

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

For anyone whose Palmers Green home is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold properties in Palmers Green with more than 100 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 property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not issue a mortgage with a short lease

Banks and Building Societies have specific criteria when loaning monies charged on leasehold homes. Many will simply not lend at all once the residual lease term drops beneath a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant if you are wanting to remortgage your Palmers Green property.

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

Retaining our service gives you better control over the value of your Palmers Green leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Palmers Green Lease Extension Example Cases:

David, Palmers Green, North London

Last year David, came precariously close to the eighty-year threshold with the lease on his two bedroom apartment in Palmers Green. Having purchased his flat 19 years previously, the length of the lease was of no bearing. Fortunately, he realised he needed to take steps soon on Extending the lease. David arranged for a lease extension just ahead of time in January. David and the landlord in the end settled on sum of £5,500 . If the lease had slipped below eighty years, the figure would have become more costly by at least £975.

Palmers Green case:

Last Summer we were called by Dr Logan Sharif , who purchased a newly refurbished flat in Palmers Green in March 2005. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Comparable properties in Palmers Green with a long lease were worth £216,000. The average amount of ground rent was £60 collected annually. The lease lapsed on 5 October 2084. Given that there were 58 years unexpired we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus fees.