Main reasons to start your St Margarets lease extension

Why you should start your St Margarets lease extension today:

A St Margarets lease depreciates with the years remaining on the lease.

St Margarets residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

St Margarets property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not lend on a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Considering plenty of flats in St Margarets were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our St Margarets lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in St Margarets,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with St Margarets valuers.

St Margarets Lease Extension Example Cases:

Rhiannon, St Margarets, North London,

Following lengthy negotiations with the landlord of her purpose-built flat in St Margarets, Rhiannon started the lease extension process as the eighty year threshold was rapidly approaching. The transaction was finalised in August 2006. The freeholder’s costs were kept to an absolute minimum.

St Margarets case:

Last Summer we were approach by Mr and Mrs. Y Clarke , who purchased a studio flat in St Margarets in February 2010. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Similar homes in St Margarets with an extended lease were worth £267,600. The mid-range amount of ground rent was £65 collected every twelve months. The lease lapsed on 6 June 2093. Having 67 years remaining we calculated the premium to the landlord to extend the lease to be within £14,300 and £16,400 plus legals.