Top reasons for Hoddesdon lease extension

Main reasons to start your Hoddesdon lease extension today:

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

Hoddesdon leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Hoddesdon residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Hoddesdon you must see if your lease has between seventy and ninety years remaining. There are good reasons why a Hoddesdon flat owner with a lease having around 80 years unexpired should take action to make sure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

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

Lending institutions will not issue a mortgage with a short lease

Most high street banks are tightening their criteria and a meaningful number now want flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. As plenty of flats in Hoddesdon were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Hoddesdon?

The conveyancers that we work with undertake Hoddesdon lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Hoddesdon Lease Extension Case Studies:

Connor, Hoddesdon, Hertfordshire,

Connor was the the leasehold owner of a studio flat in Hoddesdon on the market with a lease of a little over 59 years outstanding. Connor informally approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Connor to invoke his statutory right. Connor obtained expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.

Hoddesdon case:

In 2012 we were e-mailed by Mr and Mrs. B Scott who, having purchased a purpose-built apartment in Hoddesdon in April 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Similar homes in Hoddesdon with a long lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced annually. The lease came to a finish on 1 June 2103. Considering the 77 years remaining we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of costs.

Hoddesdon case:

Last Christmas we were phoned by Mr and Mrs. C Laurent , who purchased a purpose-built apartment in Hoddesdon in July 2012. We are asked if we could approximate the price would be to prolong the lease by 90 years. Identical flats in Hoddesdon with 100 year plus lease were valued around £183,600. The average amount of ground rent was £65 invoiced monthly. The lease ended on 12 June 2083. Having 57 years unexpired we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of legals.