Top reasons for Borehamwood and Elstree lease extension

Main reasons to start your Borehamwood and Elstree lease extension today:

A Borehamwood and Elstree leasehold property depreciates with the years remaining on the lease.

Borehamwood and Elstree leases on residential properties are gradually diminishing in 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. Most owners of residential leasehold property in Borehamwood and Elstree enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Borehamwood and Elstree you really ought to check if your lease has between seventy and 90 years left. There are compelling reasons why a Borehamwood and Elstree flat owner with a lease having around 80 years remaining should take action to make sure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold properties in Borehamwood and Elstree with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders will not lend on a short lease

Many banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is reasonable to assume that someone intending to buy your property in the future might well do, so where they are not able to get a mortgage, then the financial worth of the property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Borehamwood and Elstree?

Engaging our service gives you better control over the value of your Borehamwood and Elstree leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Borehamwood and Elstree Lease Extension Case Studies:

Jasmine, Borehamwood and Elstree, Hertfordshire,

Trailing lengthy discussions with the freeholder of her two bedroom apartment in Borehamwood and Elstree, Jasmine commenced the lease extension process as the eighty year mark was fast nearing. The transaction was concluded in April 2005. The landlord’s charges were kept to an absolute minimum.

Borehamwood and Elstree case:

In 2013 we were e-mailed by Mr and Mrs. C Evans who, having owned a recently refurbished apartment in Borehamwood and Elstree in November 1996. We are asked if we could approximate the premium could be to extend the lease by an additional years. Comparable premises in Borehamwood and Elstree with a long lease were valued around £280,000. The mid-range amount of ground rent was £45 collected monthly. The lease ran out on 17 January 2095. Having 69 years outstanding we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including professional charges.

Borehamwood and Elstree case:

Last year we were e-mailed by Mr Oliver François , who took over the lease of a basement apartment in Borehamwood and Elstree in October 2010. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Comparative homes in Borehamwood and Elstree with a long lease were worth £216,000. The mid-range ground rent payable was £60 collected annually. The lease came to a finish on 22 April 2084. Having 58 years unexpired we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of legals.