Why you should commence your Golders Green lease extension

Main reasons to commence your Golders Green lease extension today:

Increase your lease and increase your Golders Green property value

The closer a domestic lease in Golders Green nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than 100 years to run then this decrease may be fractional that being said there will become a stage when a lease has under 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 logic behind why you should extend the lease without delay. The majority of flat owners in Golders Green will qualify for this right; that being said a conveyancer will be able to advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Golders Green property with a lease extension is almost the same value as a freehold

Leasehold residencies in Golders Green with over 100 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 premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may not issue a mortgage with a short lease

Lenders are making their criteria more stringent and a meaningful number now expect flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. Considering a number of flats in Golders Green were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

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 conveyancer and surveyor well versed in the legislation and lease extension process.

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 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 Example Cases:

Lydia, Golders Green, North London,

Trailing unsuccessful correspondence with the landlord of her leasehold apartment in Golders Green, Lydia commenced the lease extension process just as her lease was nearing the critical eighty-year threshold. The legal work was concluded in February 2008. The landlord’s fees were restricted to about 650 pounds.

Golders Green case:

Last October we were contacted by Ms Amy Gray , who purchased a purpose-built flat in Golders Green in August 1997. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Comparable properties in Golders Green with 100 year plus lease were worth £191,400. The mid-range amount of ground rent was £55 billed every twelve months. The lease ran out in 2080. Considering the 54 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £34,200 and £39,600 not including legals.