Why you should start your Hadley Wood lease extension

Why you should commence your Hadley Wood lease extension today:

A Hadley Wood leasehold property depreciates with the years remaining on the lease.

The market 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 a lease extension can increase materialy once the unexpired lease term is less than 80 years

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

Leasehold properties in Hadley Wood with in excess of one hundred 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 situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions will not issue a mortgage on a short lease

Why use us for your lease extension in Hadley Wood?

Retaining our service will provide 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 wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hadley Wood Lease Extension Case Studies:

Sam, Hadley Wood, North London

Last Winter Sam, started to get near to the eighty-year threshold with the lease on his basement flat in Hadley Wood. In buying his home 18 years ago, the unexpired term was of no importance. by good luck, he realised he needed to take steps soon on a lease extension. Sam extended the lease just under the wire last September. Sam and the freeholder via the managing agents ultimately agreed on the final figure of £5,000 . If he failed to meet the deadline, the amount would have increased by at least £1,000.

Hadley Wood case:

Mr and Mrs. I Mason bought a ground floor flat in Hadley Wood in June 2012. The question was if we could estimate the price would likely be to extend the lease by an additional years. Comparable flats in Hadley Wood with 100 year plus lease were worth £173,800. The mid-range amount of ground rent was £60 billed per annum. The lease elapsed on 18 September 2081. Having 55 years remaining we estimated the premium to the landlord for the lease extension to be within £31,400 and £36,200 not including costs.