Top reasons for Colney Hatch lease extension

Why you should start your Colney Hatch lease extension today:

A Colney Hatch lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Colney Hatch is a wasting asset as a result of the diminishing lease term. Where the lease has, over 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease without delay. Many flat owners in Colney Hatch will qualify for this right; nevertheless a conveyancer will be able to advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common 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 properties in Colney Hatch with more than 100 years remaining on the lease are often 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 buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not loan monies with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years left once the mortgage has expired. Considering many flats in Colney Hatch were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Colney Hatch?

Lease extensions in Colney Hatch can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Colney Hatch lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Colney Hatch Lease Extension Example Cases:

Thomas, Colney Hatch, North London

In 2014 Thomas, came precariously near to the 80-year threshold with the lease on his leasehold apartment in Colney Hatch. Having bought his flat two decades ago, the unexpired term was of no significance. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. Thomas arranged for a lease extension just in the nick of time in January. Thomas and the landlord eventually agreed on an amount of £6,000 . If the lease had gone lower than 80 years, the figure would have escalated by a minimum £1,025.

Colney Hatch case:

Mrs H Murphy bought a garden apartment in Colney Hatch in September 2009. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative homes in Colney Hatch with 100 year plus lease were worth £216,000. The average ground rent payable was £60 invoiced quarterly. The lease ran out on 7 January 2084. Considering the 58 years unexpired we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of fees.