Top reasons for Parsons Green lease extension

Main reasons to start your Parsons Green lease extension today:

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

The nearer a domestic lease in Parsons Green gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, more than 99 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner rather than later. Most flat owners in Parsons Green will meet the qualifying criteria; that being said a lawyer can advise if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Parsons Green property with a lease extension is almost the same value as a freehold

Leasehold properties in Parsons Green with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may decide not to issue a mortgage with a short lease

Nearly all mortgage companies will not lend on a lease with under 70 years unexpired - although this varies between mortgage companies. A purchaser will no doubt find it difficult to obtain a mortgage and this will result in your Parsons Green property being difficult to sell or remortgage.

What makes us experts in Parsons Green lease extensions?

Lease extensions in Parsons Green can be a difficult process. We recommend you secure guidance 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 a wealth of experience 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:

Eli, Parsons Green, West London

Two years ago Eli, came dangerously close to the 80-year mark with the lease on his leasehold flat in Parsons Green. In buying his flat two decades ago, the lease term was of no relevance. Fortunately, he realised he would soon be paying way over the odds for a lease extension. Eli extended the lease at the eleventh hour in April. Eli and the freeholder ultimately agreed on a premium of £5,000 . If the lease had fallen below eighty years, the figure would have gone up by at least £950.

Parsons Green case:

Last year we were phoned by Dr M Patel , who completed a one bedroom apartment in Parsons Green in June 1999. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Identical flats in Parsons Green with 100 year plus lease were worth £255,000. The average ground rent payable was £50 billed monthly. The lease ran out on 9 November 2097. Considering the 71 years remaining we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.