Why you should start your Radlett lease extension

Why you should commence your Radlett lease extension today:

Increase your lease and increase your Radlett property value

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Radlett can extend the lease for a further 90 years under legislation. Do think carefully before delaying your Radlett lease extension. Shelving the costs today simply escalates the premium you will ultimately be required to pay for a lease extension.

Radlett property with a lease extension has roughly the same value as a freehold

Leasehold premises in Radlett with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders will not loan monies with a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Radlett property being difficult to dispose of or to obtain finance on.

What makes us experts in Radlett lease extensions?

Lease extensions in Radlett can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor 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 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:

Caleb, Radlett, Hertfordshire,

Caleb owned a 2 bedroom apartment in Radlett on the market with a lease of a few days over fifty eight years unexpired. Caleb informally spoke with his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Caleb to exercise his statutory right. Caleb procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

Radlett case:

In 2013 we were e-mailed by Mrs E Edwards who, having purchased a one bedroom flat in Radlett in October 2011. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by an additional years. Comparable flats in Radlett with an extended lease were valued around £233,200. The mid-range amount of ground rent was £60 collected annually. The lease expired on 22 June 2087. Considering the 61 years remaining we estimated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of expenses.