Main reasons to start your Palmers Green lease extension

Why you should commence your Palmers Green lease extension today:

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

Palmers Green leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Palmers Green tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Palmers Green you would be well advised to see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Palmers Green leaseholder with a lease having around 80 years left should take action to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for decades to come.

Lenders will not issue a mortgage with a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wishing to acquire your property in the future might well do, so where they are not able to obtain a mortgage, then the financial worth of the property could suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Palmers Green lease extensions?

Using our service gives you enhanced control over the value of your Palmers Green leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Palmers Green Lease Extension Example Cases:

Alexander, Palmers Green, North London

Last year Alexander, started to get close to the 80-year threshold with the lease on his first floor flat in Palmers Green. Having purchased his property 18 years previously, the length of the lease was of no concern. Fortunately, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Alexander extended the lease just ahead of time in August. Alexander and the freeholder via the management company in the end agreed on the final figure of £5,000 . If the lease had descended lower than 80 years, the figure would have increased by a minimum £1,000.

Palmers Green case:

In 2009 we were called by Mr and Mrs. M Thompson who, having was assigned a lease of a one bedroom flat in Palmers Green in June 2000. We are asked if we could approximate the price would be for a ninety year lease extension. Comparative properties in Palmers Green with 100 year plus lease were valued about £196,400. The average ground rent payable was £55 collected quarterly. The lease terminated in 2080. Taking into account 54 years remaining we estimated the compensation to the freeholder for the lease extension to be between £35,200 and £40,600 plus costs.