Why you should start your Borehamwood lease extension

Main reasons to start your Borehamwood lease extension today:

Increase your lease and increase your Borehamwood property value

For those whose Borehamwood flat is held on a long lease, our message is clear – if nothing is done, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension.

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

Leasehold premises in Borehamwood with over 100 years unexpired on the lease are sometimes regarded as a ‘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 maintenance charges merit it.

Lenders will not grant a mortgage with a short lease

Nearly all mortgage lenders will be unwilling to lend on a lease with less than 70 years left to run - although this varies from lender to lender. A buyer will undoubtedly find it difficult in obtaining a mortgage and this could result in your Borehamwood property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Borehamwood lease extensions?

Regardless of whether you are a tenant or a landlord in Borehamwood,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Borehamwood valuers.

Borehamwood Lease Extension Example Cases:

Alice, Borehamwood, Hertfordshire,

Off the back of protracted discussions with the freeholder of her two bedroom flat in Borehamwood, Alice commenced the lease extension process just as the lease was approaching the critical eighty-year deadline. The lease extension was concluded in June 2006. The landlord’s costs were kept to an absolute minimum.

Borehamwood case:

Last Spring we were e-mailed by Ms Alisha Michel , who acquired a newly refurbished flat in Borehamwood in April 1995. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical residencies in Borehamwood with 100 year plus lease were worth £280,000. The average amount of ground rent was £55 invoiced per annum. The lease finished in 2104. Given that there were 78 years outstanding we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including legals.