Main reasons to commence your Colney Hatch lease extension

Main reasons to commence your Colney Hatch lease extension today:

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

It’s an underpublicised truth that a Colney Hatch residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Colney Hatch property prices.Where your lease has approximately ninety years left, you need to start considering a lease extension. If lease term falls below eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in Colney Hatch will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your lawyer for the duration of the formalities.

Colney Hatch property with a lease extension has roughly the same value as a freehold

Leasehold properties in Colney Hatch with more than one hundred years remaining on the lease are often regarded as a ‘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 to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not finance a property on a short lease

Mortgage companies do not like short residential leases. You most probably experience difficulties where you want to sell your flat in Colney Hatch if the remaining lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but generally theyrequire a minimum remaining lease term of seventy years.

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

Using our service will provide you better control over the value of your Colney Hatch leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Colney Hatch Lease Extension Example Cases:

Hugo, Colney Hatch, North London

Last year Hugo, started to get close to the 80-year threshold with the lease on his one bedroom apartment in Colney Hatch. In buying his home twenty years previously, the length of the lease was of minimal importance. by good luck, he recognised he would imminently be paying an inflated amount for a lease extension. Hugo arranged for a lease extension just ahead of time last August. Hugo and the freeholder eventually settled on sum of £5,500 . If the lease had descended below eighty years, the amount would have become more costly by at least £875.

Colney Hatch case:

Last Summer we were phoned by Mr and Mrs. R Bell , who purchased a one bedroom apartment in Colney Hatch in June 1997. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative homes in Colney Hatch with a long lease were valued around £260,200. The mid-range amount of ground rent was £65 invoiced annually. The lease finished on 24 February 2092. Considering the 66 years left we approximated the premium to the landlord to extend the lease to be within £16,200 and £18,600 not including legals.