Why you should start your Croxley Green lease extension

Why you should start your Croxley Green lease extension today:

Increase your lease and increase your Croxley Green property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Croxley Green can extend the lease for an additional ninety years under Leasehold Reform legislation. Do give careful consideration before delaying your Croxley Green lease extension. Putting off that expense today simply increases the premium you will eventually have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold properties in Croxley Green with in excess of 100 years outstanding on the lease are sometimes 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 buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to lend with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are deemed to be insufficient for lending purposes.

Why use us for your lease extension in Croxley Green?

Engaging our service will provide you enhanced control over the value of your Croxley Green leasehold, as your property will be more valuable and marketable in respect of 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.

Croxley Green Lease Extension Example Cases:

Caitlin, Croxley Green, Hertfordshire,

After protracted discussions with the freeholder of her basement apartment in Croxley Green, Caitlin started the lease extension process as the 80 year threshold was fast advancing. The lease extension was concluded in July 2007. The freeholder’s fees were restricted to a tad over 500 GBP.

Croxley Green case:

Last Christmas we were approach by Mr and Mrs. O Garcia , who owned a one bedroom apartment in Croxley Green in April 2011. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Comparable premises in Croxley Green with 100 year plus lease were worth £210,000. The average ground rent payable was £50 collected per annum. The lease came to a finish on 5 February 2106. Considering the 80 years remaining we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of legals.