Why you should commence your Bowes Park lease extension

Why you should start your Bowes Park lease extension today:

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

Bowes Park leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Bowes Park enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Bowes Park you should investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

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

Leasehold premises in Bowes Park with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not finance a property with a short lease

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

The lawyers that we work with procure Bowes Park 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 conveyancer we work with provide it.

Bowes Park Lease Extension Example Cases:

Nathaniel, Bowes Park, North London,

Nathaniel was the the leasehold owner of a 2 bedroom apartment in Bowes Park on the market with a lease of a little over 72 years unexpired. Nathaniel on an informal basis approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel procured expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Bowes Park case:

Last Christmas we were approach by Mr and Mrs. M Williams , who owned a basement apartment in Bowes Park in February 2009. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Comparable homes in Bowes Park with an extended lease were worth £250,400. The mid-range amount of ground rent was £65 collected monthly. The lease end date was in 2090. Given that there were 64 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 exclusive of fees.