Why you should commence your Colney Hatch lease extension

Why you should commence your Colney Hatch lease extension today:

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

Colney Hatch leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Colney Hatch residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Colney Hatch you should see if your lease has between seventy and 90 years remaining. There are compelling reasons why a Colney Hatch flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay

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

Leasehold properties in Colney Hatch with in excess of 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 premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not loan monies with a short lease

Mortgage lenders have set criteria when lending funds secured on leasehold property. Some will simply refrain from lending at all once the remaining lease term drops below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Colney Hatch property.

Why use us for your lease extension in Colney Hatch?

Lease extensions in Colney Hatch can be a difficult process. We recommend you procure professional help from a conveyancer and valuer 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 a wealth of experience dealing with 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:

Eliot, Colney Hatch, North London

Two years ago Eliot, started to get near to the eighty-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 concern. As luck would have it, he noticed he would imminently be paying an inflated amount for a lease extension. Eliot was able to extend his lease at the eleventh hour in July. Eliot and the landlord who owned the flat above ultimately settled on sum of £5,000 . If the lease had dipped lower than eighty years, the sum would have escalated by at least £850.

Colney Hatch case:

In 2009 we were approached by Mrs Naomi Mercier who, having acquired a recently refurbished apartment in Colney Hatch in March 2010. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Identical homes in Colney Hatch with 100 year plus lease were valued around £184,000. The average ground rent payable was £55 invoiced annually. The lease ended on 21 November 2079. Having 53 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 not including fees.