Top reasons for Colney Hatch lease extension

Why you should start your Colney Hatch lease extension today:

Increase your lease and increase your Colney Hatch property value

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. Most owners of residential leasehold property in Colney Hatch enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Colney Hatch you really ought to see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold residencies in Colney Hatch with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get concerned at around 75 years. This will cause difficulties when you come to dispose of or remortgage your flat as it will be effectively unmortgageable. You may have no immediate intention to sell but when you do your purchaser must wait two years before they can initiate the legal procedures for a lease extension.

Why use us for your lease extension in Colney Hatch?

The conveyancers that we work with undertake Colney Hatch lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Colney Hatch Lease Extension Example Cases:

Anna, Colney Hatch, North London,

Following unsuccessful correspondence with the landlord of her garden apartment in Colney Hatch, Anna started the lease extension process just as the lease was coming close to the crucial 80-year threshold. The legal work was concluded in March 2006. The freeholder’s charges were negotiated to less than 600 GBP.

Colney Hatch case:

In 2012 we were called by Mr S Lewis who, having bought a purpose-built flat in Colney Hatch in January 2000. The dilemma was if we could estimate the price would likely be to extend the lease by a further 90 years. Identical flats in Colney Hatch with 100 year plus lease were in the region of £191,400. The mid-range ground rent payable was £55 billed per annum. The lease ran out on 2 September 2080. Taking into account 54 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 not including expenses.