Top reasons for Primrose Hill lease extension

Why you should start your Primrose Hill lease extension today:

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

There is no doubt about it a leasehold property in Primrose Hill is a wasting asset as a result of the diminishing lease term. If the residual term has, over 99 years remaining then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Most flat owners in Primrose Hill will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Primrose Hill with over 100 years unexpired 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 buying the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to loan monies on a short lease

Most mortgage lenders require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is probable that someone wishing to acquire your property in the future might well do, so where they can't get a mortgage, then the market price of your property could be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

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 experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Primrose Hill valuers.

Primrose Hill Lease Extension Example Cases:

Gabriel, Primrose Hill, North London

Last October Gabriel, came precariously close to the eighty-year mark with the lease on his purpose- built apartment in Primrose Hill. In buying his property two decades ago, the length of the lease was of minimal concern. by good luck, he realised he would soon be paying an escalated premium for Extending the lease. Gabriel was able to extend his lease at the eleventh hour in March. Gabriel and the freeholder eventually settled on the final figure of £5,500 . If the lease had dipped lower than 80 years, the sum would have escalated by a minimum £875.

Primrose Hill case:

In 2010 we were approached by Mr and Mrs. A Bailey who, having bought a ground floor flat in Primrose Hill in January 2007. We are asked if we could approximate the price would likely be for a ninety year lease extension. Similar premises in Primrose Hill with a long lease were valued about £210,000. The average ground rent payable was £50 collected per annum. The lease ran out on 21 August 2106. Taking into account 80 years left we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.