Main reasons to commence your London Colney lease extension

Top reasons for lease extension now:

A London Colney leasehold property depreciates with the years remaining on the lease.

London Colney leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in London Colney will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not qualify. There are prescribed timetables and formalities to comply with once the process has commenced so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in London Colney with more than 100 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 home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not grant a mortgage with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are deemed to be insufficient security.

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

Lease extensions in London Colney can be a difficult process. We recommend you secure professional help from a conveyancer 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 a wealth of experience procuring London Colney lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

London Colney Lease Extension Example Cases:

Tia, London Colney, Hertfordshire,

Subsequent to lengthy correspondence with the freeholder of her studio flat in London Colney, Tia commenced the lease extension process just as her lease was coming close to the crucial 80-year threshold. The legal work was finalised in February 2013. The landlord’s fees were restricted to slightly above 700 GBP.

London Colney case:

Last Spring we were approach by Mr and Mrs. E Johnson , who owned a garden apartment in London Colney in May 2000. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Similar homes in London Colney with 100 year plus lease were valued around £260,000. The mid-range ground rent payable was £50 invoiced monthly. The lease ended in 2099. Given that there were 73 years as a residual term we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.

London Colney case:

Last month we were called by Dr S García , who was assigned a lease of a garden apartment in London Colney in July 2000. The question was if we could estimate the compensation to the landlord could be to prolong the lease by an additional years. Identical residencies in London Colney with a long lease were in the region of £264,000. The average ground rent payable was £60 collected yearly. The lease finished in 2079. Taking into account 53 years left we estimated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of fees.