Main reasons to commence your Parsons Green lease extension

Main reasons to start your Parsons Green lease extension today:

Increase your lease and increase your Parsons Green property value

Parsons Green leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Parsons Green enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Parsons Green you would be well advised to check if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

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

It is generally considered that a property with more than 100 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 residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to grant a mortgage with a short lease

Most high street banks are tightening their criteria and a meaningful number now want flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Considering a number of flats in Parsons Green were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Parsons Green?

Lease extensions in Parsons Green can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in this area.

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 dealing with Parsons Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Parsons Green Lease Extension Case Summaries:

Stephanie, Parsons Green, West London,

Following unsuccessful discussions with the freeholder of her leasehold flat in Parsons Green, Stephanie initiated the lease extension process as the 80 year threshold was rapidly advancing. The legal work was concluded in April 2010. The freeholder’s fees were kept to an absolute minimum.

Parsons Green case:

In 2012 we were called by Dr M Girard who, having moved into a one bedroom flat in Parsons Green in January 1999. The question was if we could approximate the price would be for a ninety year lease extension. Similar premises in Parsons Green with a long lease were valued around £193,400. The average amount of ground rent was £65 billed annually. The lease finished in 2085. Taking into account 59 years left we calculated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of expenses.