Why you should start your Hadley Wood lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Hadley Wood. Clearly, the period of lease remaining reduces as time goes by. This is often ignored and only raises itself as an issue when the flat or house needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying leaseholders in Hadley Wood have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Hadley Wood lease extension. Holding off the cost now likely increases the price you will eventually incur to extend your lease

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to issue a mortgage with a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are deemed to be insufficient for lending purposes.

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

Retaining our service gives you enhanced control over the value of your Hadley Wood leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hadley Wood Lease Extension Case Summaries:

Owen, Hadley Wood, North London

Last October Owen, started to get close to the eighty-year threshold with the lease on his leasehold apartment in Hadley Wood. In buying his home twenty years ago, the length of the lease was of no relevance. Luckily, he became aware that he would soon be paying an escalated premium for a lease extension. Owen was able to extend his lease just under the wire in April. Owen and the landlord who owned the flat above eventually agreed on an amount of £5,000 . If the lease had gone below eighty years, the amount would have escalated by at least £950.

Hadley Wood case:

Ms Louise Hall took over the lease of a one bedroom flat in Hadley Wood in March 2005. The question was if we could approximate the premium would be to extend the lease by ninety years. Identical residencies in Hadley Wood with 100 year plus lease were valued around £254,200. The average ground rent payable was £60 invoiced quarterly. The lease came to a finish on 9 August 2077. Taking into account 51 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 exclusive of legals.