Why you should commence your Harold Wood lease extension

Main reasons to start your Harold Wood lease extension today:

Increase your lease and increase your Harold Wood property value

Harold Wood leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Harold Wood residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Harold Wood you would be well advised to check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Harold Wood leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.

Lending institutions may decide not to lend on a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold property. Many will simply refrain from lending at all once the remaining lease term goes beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are intending to refinance your Harold Wood property.

Why use us for your lease extension in Harold Wood?

Using our service will provide you enhanced control over the value of your Harold Wood leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Harold Wood Lease Extension Example Cases:

Leah, Harold Wood, Essex,

Following unsuccessful correspondence with the freeholder of her purpose-built apartment in Harold Wood, Leah commenced the lease extension process just as her lease was coming close to the critical eighty-year threshold. The transaction was finalised in August 2010. The landlord’s charges were kept to an absolute minimum.

Harold Wood case:

In 2011 we were approached by Mr and Mrs. H Nelson who, having completed a one bedroom apartment in Harold Wood in August 2011. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative flats in Harold Wood with a long lease were valued about £208,200. The average ground rent payable was £65 billed every twelve months. The lease ended in 2087. Having 61 years unexpired we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of expenses.