Top reasons for Rise Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Rise Park property value

It’s an underpublicised truth that a Rise Park residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Rise Park property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher premium will be payable. The majority of flat owners in Rise Park will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lenders may not finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may cause difficulties when you wish to dispose of or refinance your flat as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your purchaser will need to hold off for a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Rise Park?

Using our service will provide you enhanced control over the value of your Rise Park leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Rise Park Lease Extension Example Cases:

Ellie, Rise Park, London,

After unsuccessful negotiations with the landlord of her garden apartment in Rise Park, Ellie commenced the lease extension process just as her lease was nearing the critical 80-year mark. The legal work was finalised in July 2005. The freeholder’s fees were restricted to less than 700 pounds.

Rise Park case:

Last year we were called by Dr Natasha Brown , who purchased a one bedroom apartment in Rise Park in June 1998. The dilemma was if we could approximate the price would be to extend the lease by an additional years. Identical homes in Rise Park with a long lease were valued about £280,000. The average ground rent payable was £45 collected monthly. The lease end date was on 12 September 2096. Given that there were 70 years left we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of fees.