Top reasons for Pinnerwood Park lease extension

Top reasons for lease extension now:

A Pinnerwood Park lease depreciates with the years remaining on the lease.

Pinnerwood Park leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Pinnerwood Park tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Pinnerwood Park you really ought to investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

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

Banks and building societies do not like short residential leases. You are likely to encounter problems if you need to sell your flat in Pinnerwood Park if the unexpired lease term is under the criteria set by the majority of lenders. Different mortgage companies have varying requirements but generally theyrequire a minimum remaining lease term of seventy years.

Get in touch with one of our Pinnerwood Park lease extension solicitors or enfranchisement solicitors

Lease extensions in Pinnerwood Park can be a difficult process. We recommend you secure guidance 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 a wealth of experience dealing with 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:

Samantha, Pinnerwood Park, West London,

Subsequent to protracted correspondence with the freeholder of her basement flat in Pinnerwood Park, Samantha started the lease extension process just as her lease was approaching the critical eighty-year mark. The lease extension was finalised in May 2006. The landlord’s costs were negotiated to slightly above 600 pounds.

Pinnerwood Park case:

Last January we were phoned by Dr Jackson Walker , who completed a garden apartment in Pinnerwood Park in March 2010. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Comparable homes in Pinnerwood Park with an extended lease were worth £280,000. The mid-range ground rent payable was £55 invoiced per annum. The lease lapsed on 12 October 2104. Given that there were 78 years left we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including professional charges.

Pinnerwood Park case:

Mr and Mrs. R Hill bought a one bedroom apartment in Pinnerwood Park in March 2001. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable properties in Pinnerwood Park with 100 year plus lease were worth £191,000. The average ground rent payable was £65 invoiced annually. The lease finished in 2084. Taking into account 58 years outstanding we estimated the premium to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of fees.