Main reasons to start your Ponders End lease extension

Why you should start your Ponders End lease extension today:

A Ponders End leasehold property depreciates with the years remaining on the lease.

The value of Ponders End leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Ponders End with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to grant a mortgage with a short lease

Many banks and building societies insist on a lengthy amount of time left on any leasehold property before they will contemplate lending on it. Even if you don't need a mortgage, you should be conscious that it is likely that someone wanting to buy your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Ponders End lease extensions?

Irrespective of whether you are a tenant or a landlord in Ponders End,the lease extension lawyers 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 Ponders End valuers.

Ponders End Lease Extension Case Summaries:

Jude, Ponders End, North London,

Jude owned a studio apartment in Ponders End being marketed with a lease of a little over sixty years remaining. Jude informally approached his freeholder being a well known local-based freehold company for a lease extension. The landlord 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 £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jude to invoke his statutory right. Jude procured expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.

Ponders End case:

Last year we were approach by Mr and Mrs. A Clark , who completed a studio apartment in Ponders End in June 2005. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparative homes in Ponders End with a long lease were in the region of £280,000. The mid-range ground rent payable was £45 billed every twelve months. The lease terminated in 2094. Considering the 69 years unexpired we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of fees.