Top reasons for Palmers Green lease extension

Top reasons for lease extension now:

Increase your lease and increase your Palmers Green property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Palmers Green. Inevitably, the term of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the property needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Palmers Green have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. You should give careful deliberation before delaying your Palmers Green lease extension. Holding off the cost now likely increases the price you will eventually incur to extend your lease

An extended lease is almost the same value as a freehold

Leasehold premises in Palmers Green with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lenders will not finance a property on a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are considered to be insufficient for lending purposes.

What makes us experts in Palmers Green lease extensions?

Lease extensions in Palmers Green can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in this area.

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 in-depth market knowledge dealing with Palmers Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Palmers Green Lease Extension Example Cases:

Harrison, Palmers Green, North London,

Harrison was the the leasehold owner of a studio flat in Palmers Green on the market with a lease of just over sixty years unexpired. Harrison on an informal basis spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Harrison to exercise his statutory right. Harrison procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.

Palmers Green case:

Last month we were contacted by Dr Luca Dupont , who moved into a basement apartment in Palmers Green in May 1997. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical residencies in Palmers Green with an extended lease were worth £295,000. The mid-range ground rent payable was £45 invoiced per annum. The lease lapsed in 2100. Taking into account 74 years remaining we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of costs.