Top reasons for Rise Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Rise Park property value

There is no doubt about it a leasehold property in Rise Park is a wasting asset as a result of the diminishing lease term. If the residual term has, more than one hundred years to run then this decrease may be fractional nevertheless there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. Many flat owners in Rise Park will meet the qualifying criteria; that being said a conveyancer can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to loan monies on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become concerned at around 75 years. This will be problematic once you need to dispose of or refinance your property as it will be effectively unmortgageable. Even though you might have no imminent plan to sell but when you do your purchaser will need to wait a couple of years before being able to exercise the right to a a lease extension.

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

Using our service gives you better control over the value of your Rise Park leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers 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:

Emma, Rise Park, London,

Off the back of protracted negotiations with the landlord of her one bedroom apartment in Rise Park, Emma initiated the lease extension process just as the lease was nearing the crucial eighty-year threshold. The transaction completed in January 2006. The freeholder’s costs were kept to an absolute minimum.

Rise Park case:

Mrs L Moore completed a ground floor flat in Rise Park in July 2010. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Identical homes in Rise Park with an extended lease were in the region of £295,000. The average amount of ground rent was £45 invoiced every twelve months. The lease lapsed in 2101. Taking into account 75 years outstanding we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.