Why you should start your Cheshunt lease extension

Main reasons to start your Cheshunt lease extension today:

Increase your lease and increase your Cheshunt property value

Cheshunt leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Cheshunt tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Cheshunt you really ought to see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Cheshunt leaseholder with a lease having around eighty years left should take steps to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Cheshunt with more than one hundred years left on the lease are often referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies will not grant a mortgage on a short lease

Banks and building societies will not grant a mortgage on short residential leases. You most probably encounter difficulties if you wish to sell your flat in Cheshunt if the unexpired term of your lease is less than the criteria set by most banks and building societies. Different mortgage companies have varying requirements but on the whole theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Cheshunt?

Retaining our service will provide you better control over the value of your Cheshunt leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Cheshunt Lease Extension Example Cases:

Amy, Cheshunt, Hertfordshire,

After lengthy discussions with the freeholder of her first floor apartment in Cheshunt, Amy initiated the lease extension process as the eighty year deadline was quickly coming. The legal work was finalised in April 2015. The landlord’s costs were negotiated to slightly above 650 GBP.

Cheshunt case:

Mr Harrison Smith completed a purpose-built apartment in Cheshunt in March 2002. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Similar properties in Cheshunt with a long lease were in the region of £295,000. The average ground rent payable was £45 collected monthly. The lease elapsed on 9 April 2100. Considering the 74 years left we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of fees.

Cheshunt case:

Last month we were phoned by Dr Alex Campbell , who purchased a first floor flat in Cheshunt in June 1995. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Similar properties in Cheshunt with a long lease were in the region of £248,000. The mid-range amount of ground rent was £65 collected per annum. The lease came to a finish on 28 February 2089. Given that there were 63 years remaining we approximated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 plus legals.