Main reasons to start your Pinnerwood Park lease extension

Why you should commence your Pinnerwood Park lease extension today:

Increase your lease and increase your Pinnerwood Park property value

The nearer a domestic lease in Pinnerwood Park gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, over 99 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner as opposed to later. The majority of flat owners in Pinnerwood Park will qualify for this right; that being said a conveyancing solicitor will be able to advise whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold properties in Pinnerwood Park with over 100 years unexpired on the lease are sometimes referred to as ‘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 freehold unless savings on ground rent and service charges warrant it.

Lenders will not grant a mortgage on a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this will result in your Pinnerwood Park property being difficult to sell or remortgage.

Why use us for your lease extension in Pinnerwood Park?

Lease extensions in Pinnerwood Park can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 in-depth market knowledge procuring Pinnerwood Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Pinnerwood Park Lease Extension Case Summaries:

Victoria, Pinnerwood Park, West London,

Trailing protracted negotiations with the freeholder of her garden flat in Pinnerwood Park, Victoria started the lease extension process as the eighty year deadline was fast coming. The transaction was concluded in January 2008. The landlord’s costs were negotiated to less than 450 GBP.

Pinnerwood Park case:

Mr and Mrs. N Sánchez completed a one bedroom flat in Pinnerwood Park in March 2011. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Similar flats in Pinnerwood Park with 100 year plus lease were worth £235,200. The average amount of ground rent was £45 billed every twelve months. The lease expired in 2092. Considering the 66 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including costs.

Pinnerwood Park case:

In 2013 we were e-mailed by Mrs G Peterson who, having moved into a basement apartment in Pinnerwood Park in June 2003. We are asked if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparative properties in Pinnerwood Park with a long lease were worth £275,000. The mid-range ground rent payable was £55 collected per annum. The lease came to a finish on 14 July 2103. Having 77 years outstanding we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of fees.