Main reasons to commence your Primrose Hill lease extension

Top reasons for lease extension now:

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

It’s an underpublicised certainty that a Primrose Hill residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Primrose Hill property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. If the number of years remaining dips under eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Primrose Hill will be able to extend under the legislation; however a conveyancer should be able to confirm whether you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor from beginning to end of the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Primrose Hill 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 premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Many banks and building societies will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Primrose Hill property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Primrose Hill lease extensions?

Lease extensions in Primrose Hill can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in this area.

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 in-depth market knowledge procuring Primrose Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Primrose Hill Lease Extension Example Cases:

Joseph, Primrose Hill, North London,

Joseph was the the leasehold proprietor of a 2 bedroom apartment in Primrose Hill being marketed with a lease of just over fifty eight years unexpired. Joseph informally spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Joseph to invoke his statutory right. Joseph procured expert legal guidance and secured satisfactory deal without going to tribunal and sell the flat.

Primrose Hill case:

Last Winter we were phoned by Mr Alex Martinez , who completed a basement flat in Primrose Hill in June 1996. We are asked if we could estimate the price could be for a ninety year extension to my lease. Similar residencies in Primrose Hill with 100 year plus lease were valued about £233,200. The average ground rent payable was £60 collected every twelve months. The lease finished on 8 September 2087. Having 61 years outstanding we estimated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 exclusive of fees.