Main reasons to start your Rise Park lease extension

Why you should commence your Rise Park lease extension today:

A Rise Park leasehold property depreciates with the years remaining on the lease.

The market value of Rise Park 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 increase significantly once the unexpired lease term is below than eighty years

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

Leasehold residencies in Rise Park with over one hundred years unexpired 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 circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Why use us for your lease extension in Rise Park?

The lawyers that we work with handle Rise Park 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 conveyancing solicitor we work with provide it.

Rise Park Lease Extension Example Cases:

Alex, Rise Park, London

Two years ago Alex, came very close to the 80-year mark with the lease on his studio apartment in Rise Park. In buying his property two decades ago, the lease term was of little bearing. As luck would have it, he recognised he would imminently be paying way over the odds for a lease extension. Alex was able to extend his lease just ahead of time in April. Alex and the freeholder subsequently settled on sum of £5,500 . If the lease had dropped lower than 80 years, the premium would have gone up by a minimum £925.

Rise Park case:

Dr Megan Brooks purchased a purpose-built flat in Rise Park in April 1999. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Similar residencies in Rise Park with an extended lease were valued about £201,200. The average ground rent payable was £55 invoiced quarterly. The lease expired in 2082. Considering the 56 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus professional charges.