Main reasons to commence your Parsons Green lease extension

Top reasons for lease extension now:

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

There is no doubt about it a leasehold flat or house in Parsons Green is a wasting asset as a result of the shortening lease. If the lease has, more than 125 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Parsons Green will meet the qualifying criteria; that being said a conveyancer will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Parsons Green with in excess of one hundred years outstanding on the lease are often regarded as a ‘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 reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to loan monies on a short lease

Banks and building societies are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Given that many flats in Parsons Green were created 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 Parsons Green?

Irrespective of whether you are a tenant or a landlord in Parsons Green,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Parsons Green valuers.

Parsons Green Lease Extension Case Studies:

Henry, Parsons Green, West London,

Henry owned a conversion flat in Parsons Green being marketed with a lease of just over fifty eight years outstanding. Henry informally spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 yearly. No ground rent would be due on a lease extension were Henry to invoke his statutory right. Henry procured expert advice and was able to make a more informed decision and handle with the matter and sell the property.

Parsons Green case:

Last Summer we were contacted by Mr and Mrs. G King , who acquired a studio flat in Parsons Green in March 1996. The dilemma was if we could approximate the premium could be to prolong the lease by an additional years. Identical residencies in Parsons Green with 100 year plus lease were worth £218,000. The average amount of ground rent was £45 billed monthly. The lease terminated on 11 April 2089. Considering the 63 years outstanding we calculated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 not including professional charges.