Top reasons for Palmers Green lease extension

Main reasons to commence your Palmers Green lease extension today:

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

Palmers Green leases on domestic deteriorating in value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. If lease term dips under eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Palmers Green will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In certain situations you may not be entitled. There are also strict timetables and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.

Palmers Green property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Palmers Green with over one hundred years remaining on the lease are sometimes 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 justify it.

Mortgage lenders may not loan monies with a short lease

Banks and building societies are really restricting their approach as regards to properties in Palmers Green with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting your market.

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

Using our service gives you increased 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 decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Palmers Green Lease Extension Case Studies:

Tyler, Palmers Green, North London

During the course of the last few months Tyler, started to get close to the eighty-year threshold with the lease on his leasehold flat in Palmers Green. In buying his flat two decades ago, the length of the lease was of no importance. Luckily, he realised he needed to take steps soon on Extending the lease. Tyler extended the lease at the eleventh hour in January. Tyler and the landlord who owned the flat above eventually settled on a premium of £5,000 . If the lease had slipped below eighty years, the price would have escalated by at least £850.

Palmers Green case:

Mr Sam Girard owned a garden flat in Palmers Green in July 1995. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative flats in Palmers Green with a long lease were in the region of £280,000. The mid-range amount of ground rent was £45 collected annually. The lease lapsed in 2096. Considering the 70 years remaining we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.