Top reasons for Upper Holloway lease extension

Why you should start your Upper Holloway lease extension today:

Increase your lease and increase your Upper Holloway property value

The only way is down when it comes to Upper Holloway lease terms. Upper Holloway leaseholds that have a lease term fewer than 80 years will de-escalate in market price at a rapid rate, and the cost of extending your lease will increase.

Upper Holloway property with a lease extension has roughly the same value as a freehold

Leasehold premises in Upper Holloway with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders may not lend on a short lease

Lenders are really restricting their approach as regards to properties in Upper Holloway with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus reducing the amount of potential purchasers.

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

Engaging our service gives you enhanced control over the value of your Upper Holloway leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Upper Holloway Lease Extension Case Studies:

Leah, Upper Holloway, North London,

In the wake of 9 months of protracted discussions with the landlord of her one bedroom flat in Upper Holloway, Leah commenced the lease extension process just as her lease was coming close to the all-important eighty-year mark. The legal work completed in April 2015. The landlord’s fees were kept to an absolute minimum.

Upper Holloway case:

In 2009 we were contacted by Dr Eleanor Mercier who, having took over the lease of a ground floor flat in Upper Holloway in November 1996. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Upper Holloway with a long lease were valued about £223,400. The mid-range ground rent payable was £60 billed yearly. The lease ran out on 24 July 2085. Taking into account 59 years remaining we estimated the compensation to the freeholder for the lease extension to be between £27,600 and £31,800 plus costs.

Upper Holloway case:

Last Autumn we were phoned by Mr and Mrs. R Simon , who completed a purpose-built flat in Upper Holloway in January 1996. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparative properties in Upper Holloway with an extended lease were valued about £205,000. The average amount of ground rent was £50 billed every twelve months. The lease concluded in 2105. Having 79 years unexpired we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus legals.