Main reasons to start your Goffs Oak lease extension

Why you should commence your Goffs Oak lease extension today:

A Goffs Oak lease depreciates with the years remaining on the lease.

For those whose Goffs Oak home is held on a long lease, the message is clear – if no remedial action is taken, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

Goffs Oak property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to lend with a short lease

Lenders are really clamping down as regards to properties in Goffs Oak with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting your market.

What makes us experts in Goffs Oak lease extensions?

The lawyers that we work with procure Goffs Oak 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.

Goffs Oak Lease Extension Example Cases:

Chantelle, Goffs Oak, Hertfordshire,

After lengthy negotiations with the freeholder of her first floor apartment in Goffs Oak, Chantelle commenced the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The transaction was concluded in November 2006. The landlord’s costs were negotiated to below 450 GBP.

Goffs Oak case:

Mr and Mrs. R Hall bought a garden apartment in Goffs Oak in March 1997. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Comparative premises in Goffs Oak with 100 year plus lease were in the region of £186,000. The mid-range ground rent payable was £65 collected every twelve months. The lease ended on 14 September 2084. Taking into account 58 years left we calculated the compensation to the freeholder for the lease extension to be between £24,700 and £28,600 not including professional charges.

Goffs Oak case:

In 2009 we were called by Mr and Mrs. H Torres who, having moved into a purpose-built flat in Goffs Oak in August 2004. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative premises in Goffs Oak with an extended lease were worth £250,000. The average amount of ground rent was £50 billed quarterly. The lease expiry date was in 2095. Having 69 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus fees.