Why you should start your Hendon lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hendon property value

Unfortunately that a Hendon residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Hendon property market.Once your lease nears 85ish years, you need to 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 lower than eighty years - otherwise a higher premium will be payable. The majority of leasehold owners in Hendon will be able to extend under the legislation; however a lawyer should be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may not lend with a short lease

The propensity since over the last decade has been for banks to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. Historically banks would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Hendon?

Lease extensions in Hendon can be a difficult process. We recommend you secure guidance 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 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 Case Studies:

Paige, Hendon, North London,

Trailing protracted correspondence with the landlord of her two bedroom apartment in Hendon, Paige commenced the lease extension process as the 80 year mark was fast approaching. The lease extension was finalised in November 2009. The landlord’s charges were restricted to about 650 GBP.

Hendon case:

In 2014 we were phoned by Dr Courtney Davis who, having moved into a one bedroom apartment in Hendon in February 2012. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Identical residencies in Hendon with 100 year plus lease were worth £243,000. The average amount of ground rent was £65 invoiced every twelve months. The lease elapsed on 9 August 2089. Given that there were 63 years unexpired we estimated the premium to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of fees.