Why you should commence your Park Royal lease extension

Top reasons for lease extension now:

Increase your lease and increase your Park Royal property value

The only way is down when it comes to Park Royal lease terms. Park Royal properties that have a remaining term shorter than 80 years will de-escalate in market price even faster, and the cost of extending your lease will increase.

Park Royal property with a lease extension is almost the same value as a freehold

Leasehold premises in Park Royal with in excess of one hundred years outstanding 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 circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders will not grant a mortgage with a short lease

Mortgage companies are really restricting their approach as regards to homes in Park Royal with short leases. For instance you may find 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 if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

Why use us for your lease extension in Park Royal?

The lawyers that we work with procure Park Royal lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Park Royal Lease Extension Case Studies:

Nicole, Park Royal, North West London,

After protracted negotiations with the landlord of her first floor flat in Park Royal, Nicole commenced the lease extension process just as the lease was approaching the critical 80-year mark. The legal work completed in June 2015. The freeholder’s charges were kept to an absolute minimum.

Park Royal case:

Mr Kian Brooks acquired a purpose-built flat in Park Royal in May 2012. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical properties in Park Royal with a long lease were in the region of £257,800. The mid-range amount of ground rent was £65 collected quarterly. The lease ran out in 2091. Taking into account 65 years remaining we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 plus expenses.