Why you should start your Hadley Wood lease extension

Top reasons for lease extension now:

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

Unfortunately that a Hadley Wood residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Hadley Wood property market.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If lease term falls under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Hadley Wood will be able to extend under the legislation; however a conveyancer will be able to confirm if you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer throughout the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Hadley Wood with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may not finance a property with a short lease

Why use us for your lease extension in Hadley Wood?

Using our service will provide you better control over the value of your Hadley Wood leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hadley Wood Lease Extension Example Cases:

Tyler, Hadley Wood, North London

In recent months Tyler, started to get near to the 80-year mark with the lease on his studio flat in Hadley Wood. Having bought his property 19 years previously, the length of the lease was of no importance. Thankfully, he noticed he needed to take action soon on a lease extension. Tyler extended the lease just ahead of time in April. Tyler and the landlord who owned the flat above eventually agreed on an amount of £5,000 . If he failed to meet the deadline, the figure would have become more exhorbitant by at least £900.

Hadley Wood case:

Mr D Sánchez completed a first floor flat in Hadley Wood in February 2007. We are asked if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparable properties in Hadley Wood with an extended lease were valued around £235,200. The average amount of ground rent was £45 collected annually. The lease lapsed on 13 July 2092. Considering the 66 years unexpired we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including legals.