Main reasons to start your Par lease extension

Main reasons to commence your Par lease extension today:

Increase your lease and increase your Par property value

On the balance of probabilities where you own a flat in Par you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders may not loan monies with a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as inadequate security.

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

Lease extensions in Par can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring Par lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Par Lease Extension Case Studies:

Daniel, Par, Cornwall,

Daniel owned a conversion flat in Par on the market with a lease of fraction over 59 years left. Daniel on an informal basis contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 annually. No ground rent would be payable on a lease extension were Daniel to invoke his statutory right. Daniel procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.

Par case:

Last Summer we were e-mailed by Mrs Catherine Anderson , who purchased a one bedroom flat in Par in March 1997. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Identical properties in Par with 100 year plus lease were valued around £265,000. The mid-range amount of ground rent was £50 collected per annum. The lease termination date was on 27 March 2099. Considering the 73 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus professional charges.

Par case:

Dr E Hernández owned a ground floor flat in Par in February 2001. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Comparative residencies in Par with a long lease were valued around £264,000. The average ground rent payable was £60 collected monthly. The lease ended in 2079. Having 53 years unexpired we estimated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 exclusive of costs.