Top reasons for Upper Edmonton lease extension

Main reasons to commence your Upper Edmonton lease extension today:

A Upper Edmonton leasehold property depreciates with the years remaining on the lease.

Upper Edmonton leases on residential properties are gradually losing value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Upper Edmonton will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and steps to comply with once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease 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 ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may not lend with a short lease

Almost all mortgage companies will be unwilling to lend on a lease with under seventy years left to run - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this could result in your Upper Edmonton property being difficult to sell or to obtain finance on.

Get in touch with one of our Upper Edmonton lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Upper Edmonton,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Upper Edmonton valuers.

Upper Edmonton Lease Extension Example Cases:

Rory, Upper Edmonton, North London

Half a year ago Rory, started to get near to the 80-year mark with the lease on his two bedroom flat in Upper Edmonton. Having bought his property 19 years previously, the lease term was of no bearing. Luckily, he realised he would soon be paying an escalated premium for a lease extension. Rory arranged for a lease extension just under the wire last January. Rory and the freeholder via the managing agents ultimately settled on a premium of £5,000 . If the lease had gone lower than eighty years, the figure would have become more costly by a minimum £1,125.

Upper Edmonton case:

Mr C Watson bought a recently refurbished flat in Upper Edmonton in April 2005. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar flats in Upper Edmonton with 100 year plus lease were in the region of £218,000. The average amount of ground rent was £45 billed monthly. The lease ended in 2089. Given that there were 63 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of legals.

Upper Edmonton case:

In 2014 we were phoned by Mr and Mrs. N André who, having purchased a one bedroom apartment in Upper Edmonton in January 2011. We are asked if we could estimate the price could be for a 90 year extension to my lease. Similar premises in Upper Edmonton with a long lease were worth £270,000. The average amount of ground rent was £55 billed monthly. The lease concluded on 21 June 2100. Having 74 years remaining we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.