Top reasons for Pinner Green lease extension

Main reasons to commence your Pinner Green lease extension today:

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

There is no doubt about it a leasehold property in Pinner Green is a wasting asset as a result of the diminishing lease term. Where the lease has, more than 100 years to run then this decrease may be of little impact however there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. The majority of flat owners in Pinner Green will qualify for this right; nevertheless a conveyancer can confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not grant a mortgage with a short lease

What makes us experts in Pinner Green lease extensions?

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

Pinner Green Lease Extension Example Cases:

Ryan, Pinner Green, North West London,

Ryan owned a 2 bedroom flat in Pinner Green on the market with a lease of a few days over fifty eight years outstanding. Ryan informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ryan to exercise his statutory right. Ryan procured expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Pinner Green case:

Last Christmas we were called by Mr and Mrs. T Mercier , who bought a one bedroom apartment in Pinner Green in July 2012. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Identical residencies in Pinner Green with 100 year plus lease were valued around £200,000. The mid-range ground rent payable was £50 collected quarterly. The lease ended in 2104. Taking into account 78 years remaining we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.