Why you should start your Rise Park lease extension

Main reasons to start your Rise Park lease extension today:

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

When it comes to long leasehold premises in Rise Park, you are in fact renting it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive notably when there are less than 80 years left. Anyone in Rise Park with a lease approaching 81 years left should seriously consider extending it as soon as possible. When the lease term has under eighty years outstanding, under the current Act the landlord can calculate and demand a greater premium, assessed on a technical calculation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

Leasehold properties in Rise Park with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

Most mortgage lenders will not lend on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Rise Park property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Rise Park?

Engaging 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 relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Rise Park Lease Extension Case Studies:

Laura, Rise Park, London,

Subsequent to protracted correspondence with the freeholder of her one bedroom flat in Rise Park, Laura commenced the lease extension process just as the lease was nearing the crucial 80-year deadline. The transaction completed in April 2005. The landlord’s fees were kept to an absolute minimum.

Rise Park case:

Last Winter we were called by Dr E Williams , who moved into a studio apartment in Rise Park in August 2010. We are asked if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Similar premises in Rise Park with an extended lease were in the region of £265,200. The average ground rent payable was £65 collected per annum. The lease ran out on 6 September 2092. Considering the 66 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 not including fees.