Main reasons to commence your Borehamwood and Elstree lease extension

Top reasons for lease extension now:

Increase your lease and increase your Borehamwood and Elstree property value

On the balance of probabilities if you own a flat in Borehamwood and Elstree you actually own a long leasehold interest over your property

Borehamwood and Elstree property with a lease extension is almost the same value as a freehold

Leasehold properties in Borehamwood and Elstree with over one hundred years left on the lease are often regarded as a ‘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 freehold unless savings on ground rent and estate charges justify it.

Lenders may not lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This will be problematic when you wish to sell or refinance your flat as it will be effectively unmortgageable. Even though you might have no imminent plan to sell but when you do your purchaser must wait 2 years before being able to exercise the right to a an extension to the lease.

What makes us experts in Borehamwood and Elstree lease extensions?

Lease extensions in Borehamwood and Elstree can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in lease extensions.

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 procuring Borehamwood and Elstree lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Borehamwood and Elstree Lease Extension Case Summaries:

Riley, Borehamwood and Elstree, Hertfordshire,

Riley owned a conversion flat in Borehamwood and Elstree on the market with a lease of fraction over sixty years remaining. Riley informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Riley to exercise his statutory right. Riley obtained expert legal guidance and secured an acceptable deal informally and readily saleable.

Borehamwood and Elstree case:

Last Christmas we were e-mailed by Mrs C Nelson , who bought a purpose-built flat in Borehamwood and Elstree in October 1998. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Comparable flats in Borehamwood and Elstree with a long lease were in the region of £208,600. The average ground rent payable was £60 invoiced monthly. The lease concluded in 2083. Having 57 years unexpired we approximated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 plus fees.

Borehamwood and Elstree case:

In 2012 we were contacted by Mr Aarav André who, having acquired a garden flat in Borehamwood and Elstree in April 2012. The question was if we could approximate the premium would be for a 90 year lease extension. Identical premises in Borehamwood and Elstree with 100 year plus lease were in the region of £200,000. The average amount of ground rent was £50 invoiced quarterly. The lease finished in 2103. Given that there were 77 years unexpired we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including fees.