Top reasons for Hendon lease extension

Why you should commence your Hendon lease extension today:

Increase your lease and increase your Hendon property value

Unfortunately that a Hendon residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Hendon property prices.Where your lease has approximately 90 years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under 80 years - otherwise a higher amount will be payable. The majority of leasehold owners in Hendon will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.

An extended lease has roughly the same value as a freehold

Leasehold properties in Hendon with more than 100 years remaining on the lease are sometimes 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 purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not lend with a short lease

Lending institutions have set criteria when lending funds secured on leasehold homes. Many will simply refrain from lending at all once the remaining lease term drops beneath a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below 75 years suitable security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Hendon home.

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

Lease extensions in Hendon can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 in-depth market knowledge procuring Hendon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hendon Lease Extension Example Cases:

Stephanie, Hendon, North London,

Off the back of protracted discussions with the landlord of her basement apartment in Hendon, Stephanie commenced the lease extension process as the 80 year deadline was rapidly nearing. The lease extension was concluded in October 2013. The freeholder’s fees were negotiated to a tad over 600 pounds.

Hendon case:

In 2009 we were contacted by Ms Holly Garcia who, having took over the lease of a first floor flat in Hendon in April 1999. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Identical premises in Hendon with an extended lease were valued around £201,200. The mid-range amount of ground rent was £55 collected annually. The lease terminated on 21 September 2082. Given that there were 56 years left we estimated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including costs.