Top reasons for St Pancras lease extension

Main reasons to start your St Pancras lease extension today:

Increase your lease and increase your St Pancras property value

It’s a harsh certainty that a St Pancras residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the St Pancras property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below 80 years - otherwise a higher amount will be payable. The majority of leasehold owners in St Pancras will be able to extend under the legislation; however a lawyer will be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the process.

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

Leasehold properties in St Pancras with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This may cause difficulties once you need to market or remortgage your property as it will be effectively unmortgageable. Even though you may have no immediate plan to sell but when you do your purchaser will need to hold off for 2 years before they can start the legal procedures for a lease extension.

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

Lease extensions in St Pancras can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with St Pancras lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

St Pancras Lease Extension Example Cases:

Ella, St Pancras, North London,

In the wake of eight months of protracted discussions with the landlord of her two bedroom flat in St Pancras, Ella started the lease extension process as the eighty year threshold was fast approaching. The legal work completed in September 2010. The freeholder’s charges were kept to an absolute minimum.

St Pancras case:

Last month we were e-mailed by Mr Nathaniel García , who took over the lease of a garden apartment in St Pancras in January 2007. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable properties in St Pancras with a long lease were in the region of £189,000. The mid-range ground rent payable was £55 collected monthly. The lease ended on 5 January 2079. Given that there were 53 years remaining we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of costs.