Top reasons for St Margarets lease extension

Why you should start your St Margarets lease extension today:

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

St Margarets leases on domestic deteriorating in value. if your lease has about ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you start paying an additional element called marriage value. Leasehold owners in St Margarets will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain cases you may not qualify. There are also strict deadlines and steps to follow once the process has started so it’s wise to be guided by a conveyancer during the process.

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

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage on a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to experience difficulties if you need to sell your flat in St Margarets if the remaining term of your lease is below the criteria set by most mortgage companies. Different lenders have different criteria but on the whole they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in St Margarets?

The conveyancing solicitors that we work with procure St Margarets lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

St Margarets Lease Extension Example Cases:

Nathaniel, St Margarets, North London,

Nathaniel owned a studio apartment in St Margarets being sold with a lease of a little over 59 years left. Nathaniel informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel obtained expert legal guidance and secured satisfactory resolution without going to tribunal and readily saleable.

St Margarets case:

In 2011 we were contacted by Mr and Mrs. J Jones who, having purchased a one bedroom flat in St Margarets in June 1998. The question was if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Comparable flats in St Margarets with a long lease were valued around £248,000. The mid-range ground rent payable was £65 billed yearly. The lease expired on 11 October 2089. Taking into account 63 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 plus expenses.