Main reasons to commence your Elm Park lease extension

Main reasons to commence your Elm Park lease extension today:

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

Elm Park leases on residential deteriorating in value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. If lease term is less than 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Elm Park will usually qualify for a lease extension; however a solicitor will check if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to follow once the process has started so it’s prudent to be guided by a lawyer during the process.

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

Leasehold residencies in Elm Park with more than one hundred years outstanding on the lease are sometimes referred to as ‘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 freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not finance a property with a short lease

What makes us experts in Elm Park lease extensions?

Lease extensions in Elm Park can be a difficult process. We recommend you obtain guidance from a lawyer 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 a wealth of experience procuring Elm Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Elm Park Lease Extension Example Cases:

Jayden, Elm Park, London

In 2014 Jayden, came critically close to the 80-year mark with the lease on his two bedroom apartment in Elm Park. In buying his home two decades ago, the lease term was of no concern. As luck would have it, he became aware that he would soon be paying way over the odds for a lease extension. Jayden was able to extend his lease at the eleventh hour last May. Jayden and the landlord who owned the flat above ultimately agreed on sum of £5,500 . If the lease had descended lower than eighty years, the premium would have increased by at least £900.

Elm Park case:

Mr and Mrs. K Rivera owned a one bedroom apartment in Elm Park in February 2005. The question was if we could approximate the premium could be to extend the lease by ninety years. Similar homes in Elm Park with an extended lease were valued about £235,200. The average ground rent payable was £45 collected quarterly. The lease finished in 2092. Considering the 66 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.