Top reasons for Harold Wood lease extension

Why you should commence your Harold Wood lease extension today:

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

With a long leasehold property in Harold Wood, you are actually buying an entitlement to reside in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately greater particularly when there are fewer than eighty years remaining. Anyone in Harold Wood with a lease nearing 81 years remaining should seriously consider extending it without delay. Once a lease has fewer than 80 years left, under the relevant legislation the landlord can calculate and levy a larger amount, assessed on a technical calculation, strangely termed as “marriage value” which is due.

Harold Wood property with a lease extension is almost the same value as a freehold

Leasehold residencies in Harold Wood with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not lend with a short lease

What makes us experts in Harold Wood lease extensions?

The conveyancing solicitors that we work with undertake Harold Wood 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 conveyancing solicitor we work with provide it.

Harold Wood Lease Extension Example Cases:

Alisha, Harold Wood, Essex,

In the wake of eight months of lengthy discussions with the landlord of her two bedroom apartment in Harold Wood, Alisha started the lease extension process just as the lease was coming close to the critical 80-year deadline. The lease extension was finalised in November 2009. The freeholder’s costs were negotiated to approximately 650 pounds.

Harold Wood case:

Mrs E Mercier was assigned a lease of a ground floor flat in Harold Wood in January 2003. The question was if we could estimate the price would likely be to extend the lease by an additional years. Identical properties in Harold Wood with 100 year plus lease were worth £265,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease ended in 2099. Considering the 73 years left we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.