Top reasons for Croxley Green lease extension

Why you should start your Croxley Green lease extension today:

Increase your lease and increase your Croxley Green property value

With a residential leasehold premises in Croxley Green, you are actually purchasing a right to reside in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are fewer than eighty years left. Residents in Croxley Green with a lease nearing 81 years unexpired should seriously think of extending it without delay. Once the lease term has below eighty years outstanding, under the current statute the landlord is entitled to calculate and charge a greater amount, based on a technical multiplication, known as “marriage value” which is due.

Croxley Green property with a lease extension is almost the same value as a freehold

Leasehold residencies in Croxley Green with over 100 years outstanding 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 upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not lend with a short lease

Banks and building societies are tightening their criteria and a meaningful number now require flats to have at least 60 if not 70 years remaining once the mortgage has expired. As a number of flats in Croxley Green were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Croxley Green lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with handle Croxley Green lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Croxley Green Lease Extension Case Summaries:

Adam, Croxley Green, Hertfordshire

Two years ago Adam, started to get near to the eighty-year threshold with the lease on his studio flat in Croxley Green. In buying his home two decades ago, the unexpired term was of minimal bearing. Luckily, he recognised he needed to take steps soon on a lease extension. Adam was able to extend his lease just under the wire in April. Adam and the freeholder via the managing agents ultimately settled on sum of £5,000 . If the lease had slid lower than 80 years, the premium would have increased by at least £1,150.

Croxley Green case:

Mr and Mrs. I Bell completed a one bedroom flat in Croxley Green in October 2003. We are asked if we could estimate the premium could be for a 90 year lease extension. Similar premises in Croxley Green with a long lease were worth £252,800. The mid-range amount of ground rent was £65 billed per annum. The lease concluded in 2091. Considering the 65 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 plus fees.