Why you should commence your Harold Wood lease extension

Why you should start your Harold Wood lease extension today:

A Harold Wood lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Harold Wood. Clearly, the term of lease remaining reduces over time. This is often overlooked and only becomes a problem when the residence has to be sold or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Harold Wood have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. You should give due attention before delaying your Harold Wood lease extension. Holding off the cost now likely increases the price you will ultimately have to pay to extend your lease

Harold Wood property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Harold Wood with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting your market.

What makes us experts in Harold Wood lease extensions?

Lease extensions in Harold Wood can be a difficult process. We recommend you get guidance from a lawyer 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 in-depth market knowledge dealing with Harold Wood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Harold Wood Lease Extension Example Cases:

Adam, Harold Wood, Essex

Half a year ago Adam, came critically near to the eighty-year mark with the lease on his purpose- built flat in Harold Wood. In buying his flat twenty years previously, the lease term was of little bearing. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Adam arranged for a lease extension just in the nick of time last August. Adam and the freeholder via the managing agents in the end agreed on the final figure of £5,000 . If he had missed the deadline, the price would have become more exhorbitant by a minimum £1,100.

Harold Wood case:

Mrs B Wood acquired a recently refurbished flat in Harold Wood in September 2008. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar flats in Harold Wood with 100 year plus lease were valued about £227,800. The average amount of ground rent was £45 invoiced per annum. The lease terminated in 2091. Considering the 65 years left we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including costs.