Top reasons for Hendon lease extension

Main reasons to commence your Hendon lease extension today:

A Hendon leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Hendon is a wasting asset as a result of the shortening lease. Where the lease has, in excess of one hundred years to run then this decrease may be fractional that being said there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease sooner than later. The majority of flat owners in Hendon will meet the qualifying criteria; however a lawyer can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

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

Leasehold premises in Hendon with more than one hundred years left 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 property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to lend on a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Given that a number of flats in Hendon were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Hendon?

Lease extensions in Hendon can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer 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 dealing with 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:

Adam, Hendon, North London,

Adam owned a conversion apartment in Hendon being marketed with a lease of just over 61 years left. Adam on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. No ground rent would be payable on a lease extension were Adam to exercise his statutory right. Adam procured expert advice and secured satisfactory resolution informally and sell the property.

Hendon case:

Mrs Kayleigh Petit acquired a first floor flat in Hendon in March 2006. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar residencies in Hendon with 100 year plus lease were in the region of £181,600. The average amount of ground rent was £55 billed monthly. The lease terminated in 2078. Given that there were 52 years outstanding we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of fees.