Why you should start your Primrose Hill lease extension

Main reasons to commence your Primrose Hill lease extension today:

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

The only way is down when it comes to Primrose Hill lease terms. Primrose Hill leaseholds that have a remaining term fewer than eighty years will de-escalate in market price even faster, and the cost to extend your lease will rise.

An extended lease has roughly the same value as a freehold

Leasehold properties in Primrose Hill with more than 100 years remaining on the lease are often regarded as a ‘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 buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders will not finance a property with a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. Given that many flats in Primrose Hill were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to get a mortgage.

What makes us experts in Primrose Hill lease extensions?

The conveyancing solicitors that we work with undertake Primrose Hill 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 conveyancer we work with provide it.

Primrose Hill Lease Extension Case Summaries:

Muhammad, Primrose Hill, North London

Half a year ago Muhammad, came very near to the 80-year mark with the lease on his first floor apartment in Primrose Hill. In buying his flat twenty years ago, the lease term was of little importance. Luckily, he realised he needed to take action soon on a lease extension. Muhammad extended the lease just in the nick of time last April. Muhammad and the landlord in the end agreed on sum of £5,500 . If the lease had gone lower than eighty years, the price would have gone up by at least £850.

Primrose Hill case:

Last Autumn we were called by Mr and Mrs. O Fournier , who owned a one bedroom apartment in Primrose Hill in April 1995. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Similar properties in Primrose Hill with a long lease were valued around £285,000. The mid-range ground rent payable was £45 collected every twelve months. The lease elapsed on 14 June 2098. Having 72 years unexpired we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of fees.