Top reasons for Palmers Green lease extension

Top reasons for lease extension now:

Increase your lease and increase your Palmers Green property value

The closer a residential lease in Palmers Green gets to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, in excess of 99 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. Most flat owners in Palmers Green will meet the qualifying criteria; nevertheless a conveyancer can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to finance a property on a short lease

Many mortgage companies will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Palmers Green property becoming difficult to sell or remortgage.

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

Lease extensions in Palmers Green can be a difficult process. We recommend you obtain professional help from a lawyer and valuer 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 procuring 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 Case Studies:

Samuel, Palmers Green, North London,

Samuel was the the leasehold owner of a studio apartment in Palmers Green on the market with a lease of a few days over fifty eight years outstanding. Samuel on an informal basis approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Samuel to exercise his statutory right. Samuel obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

Palmers Green case:

Last year we were phoned by Mr O Ramírez , who moved into a recently refurbished flat in Palmers Green in June 2001. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparative flats in Palmers Green with an extended lease were valued around £240,600. The mid-range amount of ground rent was £65 invoiced yearly. The lease concluded on 13 January 2088. Considering the 62 years left we approximated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 plus legals.