Top reasons for Hadley Wood lease extension

Main reasons to commence your Hadley Wood lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Hadley Wood. Inevitably, the period of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the flat or house has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension. Qualifying leaseholders in Hadley Wood have the right to extend the lease for a further 90 years in accordance with legislation. Please give due attention before delaying your Hadley Wood lease extension. Holding off the cost now only increases the price you will ultimately have to pay for a lease extension

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

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

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

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become nervous at around 75 years. This will be problematic once you come to dispose of or remortgage your property as it will be practically unmortgageable. You may not have an imminent plan to sell but when you do your purchaser must wait a couple of years before they can start the legal procedures for a lease extension.

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

Regardless of whether you are a tenant or a freeholder in Hadley Wood,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hadley Wood valuers.

Hadley Wood Lease Extension Case Summaries:

Callum, Hadley Wood, North London,

Callum owned a high value flat in Hadley Wood being marketed with a lease of a little over 72 years outstanding. Callum informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Callum to exercise his statutory right. Callum obtained expert legal guidance and secured satisfactory resolution without going to tribunal and sell the property.

Hadley Wood case:

Last July we were phoned by Mr and Mrs. R Kelly , who owned a garden apartment in Hadley Wood in September 2012. We are asked if we could approximate the premium could be to extend the lease by a further 90 years. Identical flats in Hadley Wood with a long lease were valued around £280,000. The average ground rent payable was £55 invoiced annually. The lease ended on 15 January 2104. Considering the 78 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of legals.