Main reasons to start your London Colney lease extension

Top reasons for lease extension now:

Increase your lease and increase your London Colney property value

The value of London Colney leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders will not loan monies on a short lease

Almost all mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is probable that someone intending to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of your property could be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

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

Regardless of whether you are a tenant or a freeholder in London Colney,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with London Colney valuers.

London Colney Lease Extension Case Summaries:

Courtney, London Colney, Hertfordshire,

Subsequent to lengthy discussions with the freeholder of her garden apartment in London Colney, Courtney started the lease extension process as the 80 year threshold was swiftly approaching. The transaction was finalised in January 2010. The freeholder’s charges were restricted to slightly above 700 GBP.

London Colney case:

In 2010 we were contacted by Mr and Mrs. A Williams who, having owned a one bedroom apartment in London Colney in January 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in London Colney with an extended lease were worth £166,400. The mid-range ground rent payable was £60 billed annually. The lease concluded on 24 February 2080. Taking into account 54 years unexpired we approximated the premium to the landlord to extend the lease to be between £32,300 and £37,400 not including professional charges.

London Colney case:

Last Summer we were approach by Dr D Anderson , who completed a first floor apartment in London Colney in May 1998. The question was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Similar homes in London Colney with 100 year plus lease were in the region of £227,800. The average amount of ground rent was £45 collected annually. The lease concluded in 2091. Taking into account 65 years as a residual term we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.