Top reasons for Bowes Park lease extension

Top reasons for lease extension now:

A Bowes Park lease depreciates with the years remaining on the lease.

For anyone whose Bowes Park property is held on a long lease, the message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

Bowes Park property with a lease extension is almost the same value as a freehold

Leasehold premises in Bowes Park with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions will not grant a mortgage with a short lease

Banks and building societies do not grant a mortgage on short residential leases. You are likely to experience problems where you need to sell your flat in Bowes Park if the unexpired lease term is less than the criteria set by most lenders. Different lenders have different criteria but on the whole theyrequire an unexpired term of at least seventy years.

Get in touch with one of our Bowes Park lease extension solicitors or enfranchisement solicitors

Lease extensions in Bowes Park can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Bowes Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bowes Park Lease Extension Example Cases:

Lucas, Bowes Park, North London,

Lucas owned a studio apartment in Bowes Park being sold with a lease of a little over 72 years outstanding. Lucas on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Lucas to exercise his statutory right. Lucas obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the property.

Bowes Park case:

Last month we were called by Mrs Megan Jackson , who took over the lease of a one bedroom apartment in Bowes Park in May 1998. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative properties in Bowes Park with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 invoiced yearly. The lease finished on 13 September 2102. Taking into account 76 years unexpired we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.