Top reasons for Elm Park lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Elm Park lease terms. Elm Park flats that have a remaining term lower than eighty years will drop in market price even faster, and the cost of extending your lease will rise.

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

It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.

Lenders may decide not to loan monies on a short lease

Lenders do not like short residential leases. You most probably encounter problems if you need to sell your flat in Elm Park if the unexpired term of your lease is below the criteria set by most banks and building societies. Different lenders have varying requirements but in the main theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Elm Park?

Regardless of whether you are a tenant or a landlord in Elm Park,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Elm Park valuers.

Elm Park Lease Extension Case Summaries:

Lewis, Elm Park, London,

Lewis owned a studio apartment in Elm Park on the market with a lease of just over fifty eight years unexpired. Lewis informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £200 per annum. No ground rent would be payable on a lease extension were Lewis to invoke his statutory right. Lewis obtained expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Elm Park case:

In 2013 we were e-mailed by Mr T Walker who, having purchased a one bedroom apartment in Elm Park in April 1999. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar residencies in Elm Park with a long lease were in the region of £280,000. The average ground rent payable was £55 billed quarterly. The lease expired in 2104. Considering the 78 years outstanding we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of expenses.