Why you should start your Primrose Hill lease extension

Main reasons to start your Primrose Hill lease extension today:

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

Primrose Hill leases on domestic properties are gradually losing value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Primrose Hill will mostly qualify for a lease extension; however a solicitor will check your eligibility. In certain circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not lend with a short lease

Banks and building societies will not lend on short residential leases. You are likely to encounter problems if you wish to sell your flat in Primrose Hill if the unexpired lease term is below the criteria set by the majority of lenders. Different lenders have varying criteria but generally they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Primrose Hill?

Engaging our service gives you enhanced control over the value of your Primrose Hill leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Primrose Hill Lease Extension Case Summaries:

Emily, Primrose Hill, North London,

Off the back of lengthy negotiations with the landlord of her leasehold flat in Primrose Hill, Emily started the lease extension process just as her lease was coming close to the crucial 80-year threshold. The transaction was finalised in January 2015. The freeholder’s fees were kept to an absolute minimum.

Primrose Hill case:

In 2009 we were contacted by Mr and Mrs. F Brown who, having took over the lease of a ground floor apartment in Primrose Hill in January 2010. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Similar premises in Primrose Hill with 100 year plus lease were worth £275,000. The average ground rent payable was £65 billed quarterly. The lease termination date was in 2094. Considering the 68 years outstanding we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including professional charges.