Borehamwood Lease Extension - Free Consultation

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Before you progress with your lease extension in Borehamwood
Get a quote from one of our lease extension experts with over 20 years experience.

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It may end up saving you thousands.

Why you should start your Borehamwood lease extension

Why you should commence your Borehamwood lease extension today:

A Borehamwood lease depreciates with the years remaining on the lease.

Chances are that if you own a flat in Borehamwood you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not issue a mortgage on a short lease

Almost all mortgage lenders will not grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Borehamwood property becoming difficult to dispose of or refinance.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Borehamwood lease extensions?

Regardless of whether you are a tenant or a freeholder in Borehamwood,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Borehamwood valuers.

Borehamwood Lease Extension Example Cases:

Jayden, Borehamwood, Hertfordshire

In 2014 Jayden, came precariously close to the eighty-year mark with the lease on his purpose- built flat in Borehamwood. Having bought his flat twenty years ago, the unexpired term was of no relevance. Fortunately, he became aware that he needed to take action soon on Extending the lease. Jayden was able to extend his lease at the eleventh hour last June. Jayden and the freeholder subsequently settled on a premium of £5,500 . If he had missed the deadline, the price would have increased by a minimum £1,050.

Borehamwood case:

Dr Aimee David owned a garden flat in Borehamwood in June 2001. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by 90 years. Similar homes in Borehamwood with a long lease were worth £265,000. The average ground rent payable was £50 collected annually. The lease expired on 18 November 2098. Given that there were 73 years as a residual term we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.

Decision in Barnet

An example of a Lease Extension case for a Borehamwood premises is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case affected 1 flat. The unexpired residue of the current lease was 71.73 years.