Why you should start your Gospel Oak lease extension

Why you should commence your Gospel Oak lease extension today:

Increase your lease and increase your Gospel Oak property value

As the length of the unexpired term of a Gospel Oak residential lease lessens so does its value and therefore the value of your property. Where the lease has, over 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. Most flat owners in Gospel Oak will meet the qualifying criteria; that being said a lawyer can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Gospel Oak property with a lease extension is almost the same value as a freehold

Leasehold premises in Gospel Oak with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not finance a property with a short lease

Almost all mortgage lenders require a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Gospel Oak?

The conveyancers that we work with undertake Gospel Oak lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Gospel Oak Lease Extension Example Cases:

Kian, Gospel Oak, North London,

Kian was the the leasehold proprietor of a studio apartment in Gospel Oak on the market with a lease of just over sixty years remaining. Kian informally contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Kian to exercise his statutory right. Kian procured expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Gospel Oak case:

Last Spring we were phoned by Mr and Mrs. C Martínez , who owned a one bedroom apartment in Gospel Oak in January 1999. We are asked if we could approximate the price could be to prolong the lease by ninety years. Comparable homes in Gospel Oak with 100 year plus lease were worth £218,000. The mid-range ground rent payable was £45 billed quarterly. The lease ended on 19 November 2088. Having 63 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 exclusive of expenses.