Hadley Wood Lease Extension - Free Consultation

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Top reasons for Hadley Wood lease extension


Why you should commence 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 expense of extending the lease can increase significantly once the remaining term is less than 80 years

Hadley Wood property with a lease extension has roughly the same value as a freehold

Leasehold premises in Hadley Wood with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not loan monies on a short lease

Mortgage companies are tightening their criteria and many now expect flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Considering many flats in Hadley Wood were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Why use us for your lease extension in Hadley Wood?

Engaging our service gives you increased control over the value of your Hadley Wood leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hadley Wood Lease Extension Example Cases:

Jackson, Hadley Wood, North London

Half a year ago Jackson, came perilously near to the 80-year mark with the lease on his basement flat in Hadley Wood. In buying his home 18 years ago, the lease term was of little importance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Jackson arranged for a lease extension just ahead of time in September. Jackson and the freeholder via the managing agents ultimately settled on sum of £5,500 . If the lease had slipped to less than 80 years, the amount would have increased by at least £1,125.

Hadley Wood case:

In 2014 we were phoned by Mr Jason Morgan who, having moved into a one bedroom flat in Hadley Wood in January 2004. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Comparable premises in Hadley Wood with a long lease were worth £265,000. The mid-range amount of ground rent was £50 collected monthly. The lease termination date was in 2098. Considering the 73 years outstanding we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus costs.

Decision in Barnet

An example of a Lease Extension matter before the tribunal for a Hadley Wood flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The unexpired term as at the valuation date was 76 years.