Stop! Your Lease Extension in Radlett Could Be FREE

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Many leaseholders in Radlett are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Radlett has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Radlett lease extension

Why you should commence your Radlett lease extension today:

Increase your lease and increase your Radlett property value

On the balance of probabilities if you own a flat in Radlett you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety 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 grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will be problematic when you need to market or refinance your property as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your purchaser will have to hold off for 2 years before being able to exercise the right to a a lease extension.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.

Why use us for your lease extension in Radlett?

Lease extensions in Radlett can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in this area.

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 Radlett lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Radlett Lease Extension Example Cases:

Theo, Radlett, Hertfordshire

In recent months Theo, started to get close to the eighty-year threshold with the lease on his one bedroom apartment in Radlett. Having purchased his property 19 years previously, the unexpired term was of no significance. Thankfully, he noticed he would imminently be paying an escalated premium for Extending the lease. Theo was able to extend his lease just under the wire last September. Theo and the landlord eventually agreed on an amount of £6,000 . If the lease had fallen lower than eighty years, the sum would have become more costly by a minimum £925.

Radlett case:

In 2012 we were e-mailed by Mr and Mrs. H Baker who, having bought a one bedroom flat in Radlett in July 1995. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Similar residencies in Radlett with an extended lease were valued about £250,400. The average amount of ground rent was £65 billed per annum. The lease terminated on 24 July 2090. Considering the 64 years outstanding we approximated the premium to the landlord to extend the lease to be between £19,000 and £22,000 plus legals.

Decision in Harrow

An example of a Freehold Enfranchisement case for a Radlett premises is 42 Churchill Road in March 2013. The Tribunal determined that the price payable in respect of the acquisition of the freehold of the property as required under the terms of the Court Order dated 21 December 2012, is£26,958 This case affected 1 flat.