Top reasons for Colney Hatch lease extension

Main reasons to start your Colney Hatch lease extension today:

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

When it comes to domestic leasehold premises in Colney Hatch, you effectively rent it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than eighty years left. Residents in Colney Hatch with a lease nearing 81 years left should seriously consider extending it without delay. When the lease term has less than eighty years remaining, under the relevant statute the freeholder is entitled to calculate and demand a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for decades to come.

Lenders will not loan monies with a short lease

Lenders are really clamping down as regards to homes in Colney Hatch with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus limiting the amount of prospective buyers.

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

Irrespective of whether you are a tenant or a freeholder in Colney Hatch,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Colney Hatch valuers.

Colney Hatch Lease Extension Example Cases:

Austin, Colney Hatch, North London,

Austin was the the leasehold proprietor of a high value flat in Colney Hatch being sold with a lease of a few days over 61 years remaining. Austin informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be payable on a lease extension were Austin to exercise his statutory right. Austin procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Colney Hatch case:

In 2013 we were called by Ms C Parker who, having was assigned a lease of a one bedroom flat in Colney Hatch in June 2007. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar homes in Colney Hatch with a long lease were in the region of £166,800. The average ground rent payable was £50 invoiced every twelve months. The lease terminated in 2076. Taking into account 50 years unexpired we calculated the premium to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of expenses.