Top reasons for Hendon lease extension

Top reasons for lease extension now:

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

The nearer a residential lease in Hendon gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, in excess of 100 years to run then this decrease may be fractional however there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner than later. Most flat owners in Hendon will qualify for this right; however a conveyancing solicitor should be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not loan monies with a short lease

Banks and building societies do not like short residential leases. You are likely to experience difficulties where you wish to sell your flat in Hendon if the unexpired term of your lease is below the criteria set by the majority of lenders. Different lenders have varying requirements but generally they are looking for an unexpired term of at least seventy years.

What makes us experts in Hendon lease extensions?

Retaining our service gives you increased 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 conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hendon Lease Extension Case Studies:

Finn, Hendon, North London

In recent months Finn, started to get near to the 80-year mark with the lease on his purpose- built apartment in Hendon. Having bought his home twenty years ago, the lease term was of minimal concern. Fortunately, he recognised he needed to take action soon on Extending the lease. Finn was able to extend his lease just under the wire last August. Finn and the landlord who owned the flat above eventually settled on an amount of £6,000 . If the lease had slid to less than eighty years, the sum would have become more costly by at least £1,150.

Hendon case:

Mr and Mrs. C Simon purchased a purpose-built apartment in Hendon in July 2012. The question was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparative properties in Hendon with a long lease were valued about £225,800. The mid-range ground rent payable was £60 billed every twelve months. The lease lapsed on 2 September 2086. Given that there were 60 years unexpired we calculated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 not including costs.