Top reasons for Primrose Hill lease extension

Top reasons for lease extension now:

A Primrose Hill lease depreciates with the years remaining on the lease.

Primrose Hill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Primrose Hill residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Primrose Hill you would be well advised to see if your lease has between 70 and ninety years left. There are good reasons why a Primrose Hill flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is put in place without delay

Primrose Hill property with a lease extension has roughly the same value as a freehold

Leasehold properties in Primrose Hill with in excess of one hundred 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may not grant a mortgage with a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold homes. Many will simply not lend at all once an unexpired lease term falls lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Primrose Hill property.

Why use us for your lease extension in Primrose Hill?

Irrespective of whether you are a tenant or a freeholder in Primrose Hill,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Primrose Hill valuers.

Primrose Hill Lease Extension Example Cases:

Finn, Primrose Hill, North London

16 months ago Finn, came perilously near to the 80-year mark with the lease on his studio apartment in Primrose Hill. Having bought his home two decades ago, the length of the lease was of little bearing. by good luck, he became aware that he would soon be paying an escalated premium for a lease extension. Finn was able to extend his lease just under the wire in January. Finn and the landlord who owned the flat above eventually agreed on a premium of £5,500 . If he failed to meet the deadline, the sum would have gone up by a minimum £925.

Primrose Hill case:

In 2009 we were phoned by Ms Molly Collins who, having purchased a basement flat in Primrose Hill in August 2008. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Similar residencies in Primrose Hill with 100 year plus lease were worth £174,200. The mid-range ground rent payable was £55 billed yearly. The lease expired in 2077. Taking into account 51 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of costs.