Main reasons to commence your Hoddesdon lease extension

Top reasons for lease extension now:

A Hoddesdon lease depreciates with the years remaining on the lease.

For those whose Hoddesdon home is held on a long lease, the message is clear – if you ignore the situation, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to loan monies on a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are regarded as deficient for lending purposes.

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

Retaining our service gives you increased control over the value of your Hoddesdon leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hoddesdon Lease Extension Case Studies:

Phoebe, Hoddesdon, Hertfordshire,

Following unsuccessful negotiations with the landlord of her first floor apartment in Hoddesdon, Phoebe commenced the lease extension process just as her lease was nearing the all-important eighty-year threshold. The lease extension completed in April 2015. The freeholder’s fees were negotiated to below 650 GBP.

Hoddesdon case:

Last year we were contacted by Mr W Martinez , who moved into a ground floor apartment in Hoddesdon in June 2003. We are asked if we could estimate the price could be for a ninety year extension to my lease. Similar flats in Hoddesdon with a long lease were valued around £186,000. The average amount of ground rent was £65 invoiced every twelve months. The lease finished in 2084. Considering the 58 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £24,700 and £28,600 exclusive of costs.

Hoddesdon case:

Dr C Ward purchased a one bedroom flat in Hoddesdon in February 2010. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Similar flats in Hoddesdon with 100 year plus lease were valued around £250,000. The average amount of ground rent was £50 billed every twelve months. The lease end date was on 25 November 2095. Given that there were 69 years left we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.