Top reasons for Hadley Wood lease extension

Why you should start your Hadley Wood lease extension today:

Increase your lease and increase your Hadley Wood property value

The value of Hadley Wood leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold premises in Hadley Wood with over one hundred years unexpired on the lease are often 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 purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may decide not to issue a mortgage with a short lease

Banks and building societies do not lend on short residential leases. You are likely to encounter problems if you wish to sell your flat in Hadley Wood if the remaining term of your lease is below the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but on the whole theyrequire a minimum remaining lease term of seventy years.

Get in touch with one of our Hadley Wood lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Hadley Wood,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hadley Wood valuers.

Hadley Wood Lease Extension Case Studies:

Felix, Hadley Wood, North London

Two years ago Felix, started to get close to the 80-year threshold with the lease on his leasehold flat in Hadley Wood. Having purchased his property twenty years previously, the unexpired term was of little importance. Fortunately, he recognised he needed to take steps soon on a lease extension. Felix arranged for a lease extension at the eleventh hour in May. Felix and the landlord who owned the flat above in the end agreed on the final figure of £6,000 . If the lease had slipped below 80 years, the sum would have escalated by at least £900.

Hadley Wood case:

Mr and Mrs. A García moved into a one bedroom apartment in Hadley Wood in August 2004. We are asked if we could estimate the premium could be to extend the lease by an additional years. Identical flats in Hadley Wood with a long lease were in the region of £265,000. The mid-range amount of ground rent was £55 collected annually. The lease end date was on 28 October 2100. Having 74 years unexpired we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.