Top reasons for Pinner lease extension

Top reasons for lease extension now:

Increase your lease and increase your Pinner property value

On the balance of probabilities where you own a flat in Pinner you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Pinner with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to lend on a short lease

Banks and building societies are tightening their criteria and many now require flats to have at least sixty if not seventy years left once the mortgage has expired. As many flats in Pinner were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Pinner?

The conveyancing solicitors that we work with undertake Pinner lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Pinner Lease Extension Case Summaries:

Finley, Pinner, North London

Last year Finley, came perilously close to the eighty-year mark with the lease on his purpose- built flat in Pinner. In buying his property 18 years previously, the length of the lease was of no significance. Luckily, he recognised he needed to take action soon on a lease extension. Finley extended the lease at the eleventh hour last January. Finley and the freeholder via the managing agents subsequently settled on an amount of £5,000 . If the lease had slipped to less than eighty years, the amount would have gone up by at least £900.

Pinner case:

Mr and Mrs. B García was assigned a lease of a one bedroom apartment in Pinner in January 1997. We are asked if we could estimate the price could be for a ninety year lease extension. Comparative premises in Pinner with 100 year plus lease were in the region of £280,000. The average ground rent payable was £55 invoiced quarterly. The lease elapsed in 2104. Given that there were 78 years left we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including professional charges.