Why you should commence your St Pancras lease extension

Why you should start your St Pancras lease extension today:

Increase your lease and increase your St Pancras property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in St Pancras. Clearly, the length of lease left reduces as time goes by. This may pass by relatively unnoticed when the flat or house needs to be sold or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in St Pancras have the right to extend the lease for a further ninety years in accordance with statute. Do give careful consideration before putting off your St Pancras lease extension. Holding off that expense now likely increases the price you will ultimately have to pay to extend your lease

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

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not lend on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This will cause difficulties as and when you wish to sell or remortgage your property as it will be effectively unmortgageable. Even though you might have no immediate desire to sell but when you do your purchaser must wait a couple of years before they can initiate the legal procedures for a lease extension.

Why use us for your lease extension in St Pancras?

The conveyancing solicitors that we work with procure St Pancras 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 lawyer we work with provide it.

St Pancras Lease Extension Example Cases:

Austin, St Pancras, North London

In 2014 Austin, started to get close to the 80-year mark with the lease on his leasehold apartment in St Pancras. Having bought his home two decades ago, the length of the lease was of no bearing. Fortunately, he realised he needed to take steps soon on a lease extension. Austin arranged for a lease extension at the eleventh hour last June. Austin and the freeholder via the managing agents subsequently agreed on the final figure of £5,500 . If the lease had gone lower than 80 years, the amount would have increased by a minimum £1,125.

St Pancras case:

In 2009 we were e-mailed by Mr U Davis who, having completed a one bedroom flat in St Pancras in September 2012. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative flats in St Pancras with a long lease were worth £257,800. The average ground rent payable was £65 collected every twelve months. The lease terminated on 15 March 2091. Having 65 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of legals.