Top reasons for Primrose Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Primrose Hill property value

The market value of Primrose Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the remaining term is less than 80 years

Primrose Hill property with a lease extension has roughly the same value as a freehold

Leasehold premises in Primrose Hill with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not loan monies with a short lease

Mortgage companies will not grant a mortgage on short residential leases. You are likely to encounter problems where you want to sell your flat in Primrose Hill if the unexpired lease term is less than the criteria set by most banks and building societies. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Primrose Hill lease extensions?

Lease extensions in Primrose Hill can be a difficult process. We recommend you secure guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 procuring Primrose Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Primrose Hill Lease Extension Example Cases:

Edward, Primrose Hill, North London

Last Summer Edward, came very near to the 80-year threshold with the lease on his first floor apartment in Primrose Hill. In buying his property two decades ago, the unexpired term was of no relevance. by good luck, he realised he would soon be paying way over the odds for a lease extension. Edward was able to extend his lease just under the wire last July. Edward and the freeholder ultimately settled on sum of £5,000 . If he not met the deadline, the sum would have increased by a minimum £1,150.

Primrose Hill case:

Dr Robyn Robinson bought a first floor apartment in Primrose Hill in August 2001. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar flats in Primrose Hill with an extended lease were valued around £225,800. The mid-range amount of ground rent was £60 invoiced per annum. The lease ended on 24 April 2086. Given that there were 60 years unexpired we approximated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 plus professional charges.