Why you should commence your Chorleywood and Rickmansworth lease extension

Main reasons to commence your Chorleywood and Rickmansworth lease extension today:

A Chorleywood and Rickmansworth leasehold property depreciates with the years remaining on the lease.

Chorleywood and Rickmansworth leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Chorleywood and Rickmansworth enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Chorleywood and Rickmansworth you should see if your lease has between seventy and 90 years remaining. There are compelling reasons why a Chorleywood and Rickmansworth leaseholder with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold premises in Chorleywood and Rickmansworth with in excess of 100 years remaining 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 freehold unless savings on ground rent and maintenance charges merit it.

Lenders may not loan monies on a short lease

Why use us for your lease extension in Chorleywood and Rickmansworth?

Lease extensions in Chorleywood and Rickmansworth can be a difficult process. We recommend you secure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience procuring Chorleywood and Rickmansworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chorleywood and Rickmansworth Lease Extension Example Cases:

Thomas, Chorleywood and Rickmansworth, Hertfordshire

Last October Thomas, started to get near to the eighty-year threshold with the lease on his garden flat in Chorleywood and Rickmansworth. In buying his flat 19 years ago, the lease term was of minimal interest. Thankfully, he became aware that he needed to take steps soon on a lease extension. Thomas was able to extend his lease at the eleventh hour in January. Thomas and the landlord who owned the flat above subsequently agreed on sum of £5,500 . If the lease had slid to less than eighty years, the price would have escalated by a minimum £1,000.

Chorleywood and Rickmansworth case:

Mrs Jennifer Lefebvre completed a studio flat in Chorleywood and Rickmansworth in September 2004. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Similar properties in Chorleywood and Rickmansworth with 100 year plus lease were worth £205,000. The average amount of ground rent was £50 collected annually. The lease lapsed on 17 November 2105. Given that there were 79 years remaining we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of fees.