Why you should start your Radlett lease extension

Main reasons to start your Radlett lease extension today:

Increase your lease and increase your Radlett property value

Radlett leases on domestic deteriorating in value. Where your lease has in the region of ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Radlett will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold properties in Radlett with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Lenders may not loan monies with a short lease

Almost all mortgage companies will not grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Radlett property becoming difficult to sell or refinance.

What makes us experts in Radlett lease extensions?

Lease extensions in Radlett can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in lease extensions.

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 in-depth market knowledge dealing with 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:

Chelsea, Radlett, Hertfordshire,

Off the back of lengthy correspondence with the freeholder of her first floor apartment in Radlett, Chelsea initiated the lease extension process just as her lease was approaching the critical eighty-year deadline. The transaction was concluded in June 2008. The landlord’s fees were restricted to below 450 GBP.

Radlett case:

Last Christmas we were e-mailed by Dr H François , who purchased a purpose-built flat in Radlett in February 1995. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparable properties in Radlett with a long lease were in the region of £213,600. The average amount of ground rent was £60 billed per annum. The lease terminated in 2083. Considering the 57 years outstanding we approximated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of expenses.