Main reasons to start your Pinner lease extension

Top reasons for lease extension now:

Increase your lease and increase your Pinner property value

With a long leasehold property in Pinner, you effectively rent it for a certain amount of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are fewer than 80 years remaining. Residents in Pinner with a lease drawing near to 81 years left should seriously consider extending it without delay. When the lease term has below eighty years outstanding, under the current Act the landlord can calculate and demand a greater amount, based on a technical computation, known as “marriage value” which is due.

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

Leasehold premises in Pinner with in excess of one hundred years left on the lease are often referred to as ‘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 freehold unless savings on ground rent and service charges justify it.

Lenders may not grant a mortgage on a short lease

Banks and building societies are tightening their criteria and many now want flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Given that a number of flats in Pinner were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Pinner?

The conveyancers 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 lawyer we work with provide it.

Pinner Lease Extension Example Cases:

Oscar, Pinner, North London,

Oscar was the the leasehold owner of a conversion flat in Pinner being sold with a lease of a little over 59 years unexpired. Oscar informally approached his freeholder a well known local-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Oscar to exercise his statutory right. Oscar procured expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Pinner case:

In 2012 we were e-mailed by Mr Lucas Harris who, having acquired a purpose-built flat in Pinner in January 2004. The question was if we could approximate the price would likely be for a 90 year lease extension. Similar residencies in Pinner with 100 year plus lease were valued around £181,200. The mid-range ground rent payable was £65 billed annually. The lease lapsed on 18 May 2082. Considering the 56 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 exclusive of expenses.