Top reasons for Colney Hatch lease extension

Why you should commence your Colney Hatch lease extension today:

Increase your lease and increase your Colney Hatch property value

Unfortunately that a Colney Hatch residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Colney Hatch property prices.Once your lease gets to 85ish years, you should start thinking about a lease extension. If the number of years remaining drops under eighty years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property Most leasehold owners in Colney Hatch will be able to extend under the legislation; however a conveyancer should be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.

An extended lease has roughly the same value as a freehold

Leasehold properties in Colney Hatch with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not issue a mortgage with a short lease

Mortgage companies are really restricting their approach as regards to homes in Colney Hatch with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus reducing the number of prospective purchasers.

Why use us for your lease extension in Colney Hatch?

Using our service will provide you increased control over the value of your Colney Hatch leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish 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 Case Studies:

Isaac, Colney Hatch, North London

Last Spring Isaac, started to get near to the 80-year threshold with the lease on his garden apartment in Colney Hatch. In buying his flat twenty years ago, the length of the lease was of little importance. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Isaac extended the lease at the eleventh hour in May. Isaac and the landlord in the end settled on sum of £6,000 . If the lease had slid below eighty years, the amount would have become more costly by at least £950.

Colney Hatch case:

Mr and Mrs. Y Evans owned a newly refurbished flat in Colney Hatch in November 2009. We are asked if we could approximate the premium could be for a ninety year lease extension. Similar residencies in Colney Hatch with 100 year plus lease were in the region of £235,600. The average amount of ground rent was £60 invoiced annually. The lease finished on 1 January 2088. Having 62 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 exclusive of fees.