Why you should commence your Colindale lease extension

Main reasons to start your Colindale lease extension today:

Increase your lease and increase your Colindale property value

On the balance of probabilities if you own a flat in Colindale you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not issue a mortgage on a short lease

The trend since the credit crunch has been for banks to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past banks would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Colindale?

Engaging our service will provide you better control over the value of your Colindale leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Colindale Lease Extension Example Cases:

Zoe, Colindale, North London,

In the wake of 9 months of protracted correspondence with the freeholder of her purpose-built flat in Colindale, Zoe started the lease extension process as the eighty year mark was swiftly approaching. The lease extension completed in August 2008. The freeholder’s fees were restricted to about five hundred GBP.

Colindale case:

In 2010 we were phoned by Mrs Jennifer Sharif who, having completed a purpose-built flat in Colindale in August 1997. The question was if we could approximate the price would be to prolong the lease by 90 years. Comparative homes in Colindale with 100 year plus lease were valued around £270,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease elapsed on 8 July 2100. Having 74 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.