Why you should start your Hadley Wood lease extension

Why you should start your Hadley Wood lease extension today:

Increase your lease and increase your Hadley Wood property value

Hadley Wood leases on residential deteriorating in value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Hadley Wood will usually qualify for a lease extension; however a solicitor will check your eligibility. In some situations you may not be entitled. There are also strict timetables and steps to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.

Hadley Wood property with a lease extension is almost the same value as a freehold

Leasehold premises in Hadley Wood with in excess of one hundred years outstanding on the lease are often 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not issue a mortgage with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the mortgage is to be granted. This has meant the unexpired lease term required by mortgage companies has increased. In the past banks were content with 25 years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Hadley Wood lease extensions?

Lease extensions in Hadley Wood can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Hadley Wood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hadley Wood Lease Extension Case Studies:

Morgan, Hadley Wood, North London,

Following unsuccessful discussions with the landlord of her two bedroom flat in Hadley Wood, Morgan commenced the lease extension process just as her lease was approaching the critical eighty-year threshold. The transaction completed in November 2014. The freeholder’s charges were restricted to slightly above 700 pounds.

Hadley Wood case:

In 2013 we were called by Dr Kian David who, having completed a studio flat in Hadley Wood in August 1997. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Comparable premises in Hadley Wood with a long lease were in the region of £255,000. The average ground rent payable was £50 invoiced per annum. The lease concluded in 2096. Considering the 70 years left we approximated the premium to the freeholder to extend the lease to be between £10,500 and £12,000 plus legals.