Why you should start your Hale End lease extension

Main reasons to commence your Hale End lease extension today:

A Hale End leasehold property depreciates with the years remaining on the lease.

Hale End leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you start paying an additional element called marriage value. Flat owners in Hale End will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In some situations you may not qualify. There are prescribed timetables and steps to follow once the process is initiated so it’s sensible to be guided by a lawyer during the process.

Hale End property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for many years ahead.

Lenders will not finance a property with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will be problematic once you come to market or refinance your property as it will be practically unmortgageable. You might not have an imminent plan to sell but when you do your purchaser must hold off for a couple of years before being able to commence the legal procedures for a lease extension.

Why use us for your lease extension in Hale End?

Lease extensions in Hale End can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Hale End lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hale End Lease Extension Example Cases:

Isabella, Hale End, North East London,

Trailing lengthy negotiations with the freeholder of her garden flat in Hale End, Isabella commenced the lease extension process just as the lease was coming close to the critical 80-year threshold. The transaction completed in March 2012. The freeholder’s costs were negotiated to under 550 pounds.

Hale End case:

Last Christmas we were contacted by Mr and Mrs. C Morel , who took over the lease of a one bedroom apartment in Hale End in July 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Comparable flats in Hale End with an extended lease were valued about £216,000. The average ground rent payable was £60 collected per annum. The lease termination date was on 26 July 2084. Taking into account 58 years remaining we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of professional charges.

Hale End case:

In 2010 we were called by Ms Emily Bertrand who, having owned a basement apartment in Hale End in February 2005. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Identical homes in Hale End with 100 year plus lease were valued about £205,000. The average ground rent payable was £50 invoiced quarterly. The lease terminated in 2104. Considering the 78 years left we calculated the premium to the freeholder for the lease extension to be between £7,600 and £8,800 not including expenses.