Top reasons for Primrose Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Primrose Hill property value

Primrose Hill leases on domestic deteriorating in value. Where your lease has about ninety years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Primrose Hill will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.

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

Leasehold residencies in Primrose Hill with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not lend on a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this could result in your Primrose Hill property being difficult to dispose of or refinance.

What makes us experts in Primrose Hill lease extensions?

The lawyers 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 lawyer we work with provide it.

Primrose Hill Lease Extension Case Summaries:

Lily, Primrose Hill, North London,

Off the back of protracted correspondence with the landlord of her one bedroom flat in Primrose Hill, Lily commenced the lease extension process as the 80 year deadline was swiftly approaching. The legal work completed in August 2015. The landlord’s charges were restricted to below four hundred pounds.

Primrose Hill case:

Mr and Mrs. Y Flores completed a basement apartment in Primrose Hill in September 2006. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Comparable homes in Primrose Hill with an extended lease were valued around £300,000. The average ground rent payable was £50 invoiced annually. The lease terminated in 2102. Considering the 76 years unexpired we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.