Top reasons for Palmers Green lease extension

Why you should commence your Palmers Green lease extension today:

Increase your lease and increase your Palmers Green property value

Unfortunately that a Palmers Green residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Palmers Green property prices.Once your lease gets to 85ish years, you should start thinking about a lease extension. If the number of years remaining slips below eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most leasehold owners in Palmers Green will be able to extend under the legislation; however a conveyancer will be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your lawyer from beginning to end of the formalities.

An extended lease is almost the same value as a freehold

Leasehold premises in Palmers Green with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may not lend with a short lease

Most high street banks are tightening their criteria and many now want flats to have at least 60 if not 70 years left once the mortgage has expired. Given that many flats in Palmers Green were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Palmers Green?

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 terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Palmers Green Lease Extension Example Cases:

Leo, Palmers Green, North London

Last October Leo, came precariously close to the 80-year threshold with the lease on his leasehold flat in Palmers Green. In buying his property 18 years previously, the unexpired term was of no relevance. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Leo was able to extend his lease just under the wire in August. Leo and the landlord who owned the flat above eventually settled on sum of £5,500 . If he had missed the deadline, the amount would have gone up by at least £1,125.

Palmers Green case:

In 2010 we were approached by Ms C Nelson who, having moved into a ground floor flat in Palmers Green in September 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by 90 years. Similar residencies in Palmers Green with a long lease were in the region of £265,200. The average amount of ground rent was £65 invoiced per annum. The lease termination date was in 2092. Taking into account 66 years left we calculated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 exclusive of legals.