Top reasons for Primrose Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Primrose Hill property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will usually be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Primrose Hill. Inevitably, the period of lease left reduces as time goes by. This is often overlooked and only raises itself as an issue when the property needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Primrose Hill have the right to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please give careful deliberation before delaying your Primrose Hill lease extension. Putting off that expense now only increases the price you will ultimately have to pay to extend your lease

Primrose Hill property with a lease extension is almost the same value as a freehold

Leasehold properties in Primrose Hill with over one hundred 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions will not finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get nervous at around 75 years. This may cause difficulties when you wish to market or remortgage your property as it will be effectively unmortgageable. You may not have an immediate desire to sell but when you do your buyer will have to hold off for a couple of years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Primrose Hill?

Regardless of whether you are a tenant or a freeholder in Primrose Hill,the lease extension lawyers that we work with will always be happy 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:

Harriet, Primrose Hill, North London,

Trailing protracted correspondence with the landlord of her one bedroom flat in Primrose Hill, Harriet commenced the lease extension process as the 80 year deadline was fast approaching. The lease extension completed in November 2006. The landlord’s fees were kept to an absolute minimum.

Primrose Hill case:

In 2011 we were approached by Mr and Mrs. S Hall who, having purchased a ground floor flat in Primrose Hill in March 2009. The question was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical flats in Primrose Hill with 100 year plus lease were in the region of £250,400. The average ground rent payable was £65 collected every twelve months. The lease finished in 2090. Considering the 64 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 plus costs.