Why you should start your Colindale lease extension

Main reasons to commence your Colindale lease extension today:

A Colindale leasehold property depreciates with the years remaining on the lease.

Colindale leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Colindale residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Colindale you would be well advised to investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Colindale leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is actioned without delay

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

Leasehold residencies in Colindale with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Lending institutions will not loan monies on a short lease

Lenders are making their criteria more stringent and many now want flats to have at least 60 if not 70 years left once the mortgage has expired. As a number of flats in Colindale were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

Get in touch with one of our Colindale lease extension solicitors or enfranchisement solicitors

Using our service gives you enhanced control over the value of your Colindale leasehold, as your property will be more valuable and marketable in respect 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.

Colindale Lease Extension Example Cases:

Mia, Colindale, North London,

After unsuccessful negotiations with the landlord of her basement flat in Colindale, Mia started the lease extension process as the eighty year mark was fast coming. The legal work completed in June 2005. The landlord’s costs were kept to an absolute minimum.

Colindale case:

Mr and Mrs. C Hall acquired a garden apartment in Colindale in August 2006. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar flats in Colindale with a long lease were worth £225,400. The mid-range amount of ground rent was £45 invoiced annually. The lease came to a finish in 2090. Considering the 64 years as a residual term we estimated the premium to the landlord for the lease extension to be between £15,200 and £17,600 not including costs.