Why you should commence your Rise Park lease extension

Main reasons to start your Rise Park lease extension today:

Increase your lease and increase your Rise Park property value

As the the remaining lease term of a Rise Park residential lease diminished so does its value and therefore the value of your property. Where the residual term has, beyond 99 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner as opposed to later. Most flat owners in Rise Park will qualify for this right; nevertheless a conveyancing solicitor should be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders may decide not to loan monies on a short lease

Almost all mortgage lenders will not lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this could result in your Rise Park property becoming difficult to dispose of or to obtain finance on.

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

Using our service gives you increased 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 conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Rise Park Lease Extension Example Cases:

Shannon, Rise Park, London,

Off the back of protracted discussions with the landlord of her studio flat in Rise Park, Shannon initiated the lease extension process just as her lease was nearing the crucial 80-year deadline. The transaction was concluded in October 2010. The landlord’s charges were restricted to slightly above 450 pounds.

Rise Park case:

In 2010 we were contacted by Mr and Mrs. H Sharif who, having completed a one bedroom apartment in Rise Park in July 2009. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Similar residencies in Rise Park with a long lease were worth £205,000. The mid-range ground rent payable was £50 billed annually. The lease expired in 2105. Given that there were 79 years outstanding we calculated the premium to the freeholder to extend the lease to be between £7,600 and £8,800 not including professional charges.