Main reasons to start your Primrose Hill lease extension

Why you should start your Primrose Hill lease extension today:

Increase your lease and increase your Primrose Hill property value

For anyone whose Primrose Hill home is held on a long lease, the message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies on a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to encounter problems if you need to sell your flat in Primrose Hill if the remaining term of your lease is under the criteria set by the majority of banks and building societies. Different mortgage companies have different requirements but on the whole theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Primrose Hill?

Engaging our service gives you enhanced control over the value of your Primrose Hill leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Primrose Hill Lease Extension Example Cases:

Nathan, Primrose Hill, North London,

Nathan was the the leasehold owner of a conversion flat in Primrose Hill being marketed with a lease of fraction over 59 years left. Nathan informally spoke with his landlord being a well known local-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Nathan to invoke his statutory right. Nathan procured expert advice and secured satisfactory deal without going to tribunal and sell the flat.

Primrose Hill case:

Last month we were phoned by Mr Ethan Pérez , who acquired a studio apartment in Primrose Hill in October 1997. We are asked if we could approximate the price would be to prolong the lease by ninety years. Identical properties in Primrose Hill with 100 year plus lease were valued about £206,200. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease expired in 2082. Taking into account 56 years left we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 plus fees.