Main reasons to commence your Elm Park lease extension

Main reasons to commence your Elm Park lease extension today:

Increase your lease and increase your Elm Park property value

The value of Elm Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is less than 80 years

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

Leasehold properties in Elm Park with over one hundred years unexpired on the lease are sometimes 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 freehold unless savings on ground rent and service charges justify it.

Lenders will not finance a property on a short lease

Almost all mortgage lenders will be unwilling to grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Elm Park property being difficult to sell or to obtain finance on.

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

The lawyers that we work with handle Elm 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 conveyancing solicitor we work with provide it.

Elm Park Lease Extension Case Summaries:

Stephanie, Elm Park, London,

Trailing lengthy negotiations with the landlord of her one bedroom flat in Elm Park, Stephanie initiated the lease extension process as the 80 year deadline was rapidly advancing. The legal work was concluded in March 2012. The landlord’s costs were kept to an absolute minimum.

Elm Park case:

In 2012 we were contacted by Mr and Mrs. K Garcia who, having bought a recently refurbished flat in Elm Park in May 1998. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable residencies in Elm Park with an extended lease were valued about £210,600. The mid-range amount of ground rent was £45 invoiced yearly. The lease came to a finish on 21 November 2088. Having 62 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 not including expenses.