Why you should commence your Golders Green lease extension

Main reasons to commence your Golders Green lease extension today:

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

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, beyond 100 years to run then this decrease may be fractional nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner than later. Most flat owners in Golders Green will meet the qualifying criteria; nevertheless a lawyer can confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may not issue a mortgage with a short lease

Most banks and building societies will be unwilling to lend on a lease with less than seventy years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this will result in your Golders Green property becoming difficult to sell or to obtain finance on.

What makes us experts in Golders Green lease extensions?

Retaining our service gives you enhanced control over the value of your Golders Green leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Golders Green Lease Extension Case Studies:

Freya, Golders Green, North London,

Off the back of protracted discussions with the landlord of her two bedroom flat in Golders Green, Freya started the lease extension process just as her lease was approaching the crucial 80-year deadline. The legal work was concluded in April 2008. The freeholder’s costs were kept to an absolute minimum.

Golders Green case:

Last month we were contacted by Mr and Mrs. N Simon , who took over the lease of a recently refurbished flat in Golders Green in June 1995. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparative properties in Golders Green with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 billed annually. The lease ended in 2087. Considering the 61 years unexpired we approximated the premium to the freeholder to extend the lease to be between £22,800 and £26,400 not including legals.