Top reasons for Hendon lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hendon property value

The nearer a domestic lease in Hendon gets to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, more than one hundred years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Most flat owners in Hendon will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost 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 45 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not grant a mortgage on a short lease

Lending institutions have set criteria when loaning funds secured on leasehold homes. Many will simply refuse lend at all once the remaining lease term drops beneath a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant where you are seeking to refinance your Hendon property.

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

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

Hendon Lease Extension Example Cases:

Finley, Hendon, North London

In 2014 Finley, started to get near to the eighty-year mark with the lease on his first floor apartment in Hendon. Having bought his flat 19 years previously, the unexpired term was of minimal significance. by good luck, it dawned on him that he would soon be paying an inflated amount for a lease extension. Finley extended the lease just in the nick of time last September. Finley and the freeholder via the management company eventually settled on the final figure of £6,000 . If the lease had dropped to less than eighty years, the price would have become more exhorbitant by at least £1,125.

Hendon case:

In 2014 we were approached by Mrs Emily Bertrand who, having acquired a ground floor flat in Hendon in May 2000. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparable premises in Hendon with a long lease were in the region of £295,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease finished in 2101. Given that there were 75 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.