Top reasons for Elm Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Elm Park property value

The nearer a domestic lease in Elm Park gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over one hundred years to run then this decrease may be fractional however there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should consider extending sooner than later. The majority of flat owners in Elm Park will meet the qualifying criteria; however a conveyancer will be able to advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Elm Park with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value 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 warrant it.

Banks and Building Societies may not grant a mortgage with a short lease

Lenders do not lend on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Elm Park if the remaining lease term is under the criteria set by the majority of banks and building societies. Different lenders have different requirements but generally they are looking for a minimum remaining lease term of 65 years.

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

Lease extensions in Elm Park can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in lease extensions.

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 Case Summaries:

Luca, Elm Park, London

Last Summer Luca, started to get near to the eighty-year threshold with the lease on his ground floor apartment in Elm Park. In buying his home two decades ago, the unexpired term was of little concern. Luckily, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Luca extended the lease just under the wire in June. Luca and the landlord eventually settled on sum of £5,000 . If he failed to meet the deadline, the price would have gone up by a minimum £850.

Elm Park case:

Last Summer we were approach by Dr Caitlin Roux , who took over the lease of a newly refurbished apartment in Elm Park in August 2007. We are asked if we could estimate the price could be to extend the lease by 90 years. Similar properties in Elm Park with a long lease were valued around £265,000. The mid-range amount of ground rent was £50 billed yearly. The lease ran out on 28 November 2100. Considering the 74 years outstanding we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.