Main reasons to commence your Parsons Green lease extension

Why you should start your Parsons Green lease extension today:

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

Parsons Green leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Parsons Green residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Parsons Green you should see if your lease has between seventy and ninety years remaining. There are compelling reasons why a Parsons Green leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not loan monies on a short lease

Banks and building societies differ in their lending requirements. Some draw the line at seventy five years remaining on the lease; others may be happy with anything with more than seventy years. With less than 60 years, it may be challenging to obtain a mortgage in the first place.

What makes us experts in Parsons Green lease extensions?

Using our service gives you enhanced control over the value of your Parsons Green leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Parsons Green Lease Extension Case Summaries:

Luke, Parsons Green, West London

Last October Luke, came dangerously near to the eighty-year threshold with the lease on his two bedroom apartment in Parsons Green. In buying his home two decades ago, the lease term was of minimal relevance. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Luke extended the lease just ahead of time last January. Luke and the freeholder via the managing agents eventually agreed on the final figure of £5,500 . If the lease had dipped below 80 years, the figure would have gone up by at least £850.

Parsons Green case:

In 2012 we were called by Mr O Roberts who, having was assigned a lease of a first floor apartment in Parsons Green in January 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparable flats in Parsons Green with an extended lease were worth £173,800. The average ground rent payable was £60 invoiced every twelve months. The lease lapsed in 2081. Considering the 55 years remaining we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus expenses.