Why you should start your Borehamwood lease extension

Main reasons to commence your Borehamwood lease extension today:

Increase your lease and increase your Borehamwood property value

There is no doubt about it a leasehold flat or house in Borehamwood is a wasting asset as a result of the shortening lease. If the residual term has, beyond 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease sooner rather than later. Many flat owners in Borehamwood will qualify for this right; nevertheless a conveyancing solicitor should be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

Leasehold premises in Borehamwood with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may not issue a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This will be problematic as and when you come to market or refinance your flat as it will be practically unmortgageable. You may not have an immediate plan to sell but when you do your purchaser will need to wait a couple of years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Borehamwood?

Retaining our service will provide you enhanced control over the value of your Borehamwood leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Borehamwood Lease Extension Case Studies:

Bethan, Borehamwood, Hertfordshire,

Following lengthy negotiations with the landlord of her purpose-built flat in Borehamwood, Bethan initiated the lease extension process just as the lease was nearing the all-important eighty-year deadline. The transaction was finalised in February 2007. The freeholder’s costs were negotiated to a tad over 450 pounds.

Borehamwood case:

In 2011 we were approached by Dr Felix González who, having owned a first floor apartment in Borehamwood in September 2011. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Comparable premises in Borehamwood with a long lease were in the region of £254,200. The mid-range amount of ground rent was £60 collected yearly. The lease lapsed on 16 October 2077. Having 51 years outstanding we approximated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 plus professional charges.