Main reasons to commence your Golders Green lease extension

Why you should commence your Golders Green lease extension today:

Increase your lease and increase your Golders Green property value

The nearer a domestic lease in Golders Green gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over 99 years to run then this decrease may be negligible that being said there will become a stage when a lease has fewer than 80 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 primary reason why you should extend the lease sooner than later. The majority of flat owners in Golders Green will qualify for this right; nevertheless a conveyancing solicitor should be able to advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Golders Green property with a lease extension has roughly the same value as a freehold

Leasehold properties in Golders Green with in excess of 100 years remaining 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 to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions will not issue a mortgage with a short lease

Banks and building societies are really clamping down as regards to homes in Golders Green with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus limiting the number of prospective purchasers.

What makes us experts in Golders Green lease extensions?

Irrespective of whether you are a tenant or a landlord in Golders Green,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Golders Green valuers.

Golders Green Lease Extension Case Summaries:

Riley, Golders Green, North London

Last year Riley, started to get close to the eighty-year threshold with the lease on his purpose- built flat in Golders Green. In buying his flat two decades ago, the lease term was of minimal importance. Luckily, he noticed he would imminently be paying an inflated amount for Extending the lease. Riley was able to extend his lease just ahead of time last September. Riley and the freeholder ultimately settled on the final figure of £6,000 . If he had missed the deadline, the premium would have become more exhorbitant by at least £875.

Golders Green case:

Last Spring we were called by Dr Kyle Clarke , who took over the lease of a one bedroom apartment in Golders Green in July 1995. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Comparative properties in Golders Green with a long lease were valued around £290,000. The average ground rent payable was £45 billed quarterly. The lease ended on 2 August 2099. Given that there were 73 years outstanding we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.