Main reasons to commence your Golders Green lease extension

Main reasons to commence your Golders Green lease extension today:

A Golders Green leasehold property depreciates with the years remaining on the lease.

Golders Green leases on residential properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then be required to pay half 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. Flat owners in Golders Green will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not be entitled. There are prescribed timetables and formalities to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions will not finance a property on a short lease

Lenders are really restricting their approach as regards to properties in Golders Green with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus limiting your market.

What makes us experts in Golders Green lease extensions?

Lease extensions in Golders Green can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 in-depth market knowledge procuring Golders Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Golders Green Lease Extension Case Summaries:

Gabriel, Golders Green, North London

In recent months Gabriel, came very near to the 80-year threshold with the lease on his purpose- built flat in Golders Green. In buying his property 19 years previously, the length of the lease was of minimal significance. Fortunately, he realised he would soon be paying an inflated amount for Extending the lease. Gabriel arranged for a lease extension at the eleventh hour in March. Gabriel and the landlord in the end agreed on sum of £5,500 . If the lease had slipped lower than eighty years, the figure would have escalated by at least £1,000.

Golders Green case:

Last Spring we were e-mailed by Mrs J Hernández , who bought a studio apartment in Golders Green in January 2010. We are asked if we could approximate the premium would be to extend the lease by ninety years. Identical flats in Golders Green with a long lease were worth £200,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease expired on 14 November 2103. Considering the 77 years left we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus fees.