Top reasons for Rickmansworth lease extension

Top reasons for lease extension now:

A Rickmansworth lease depreciates with the years remaining on the lease.

Rickmansworth leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Rickmansworth residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Rickmansworth you really ought to see if your lease has between 70 and 90 years remaining. There are good reasons why a Rickmansworth leaseholder with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 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 equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not grant a mortgage on a short lease

Why use us for your lease extension in Rickmansworth?

Lease extensions in Rickmansworth can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 in-depth market knowledge dealing with Rickmansworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rickmansworth Lease Extension Case Summaries:

Kirsty, Rickmansworth, Hertfordshire,

Following unsuccessful negotiations with the freeholder of her ground floor apartment in Rickmansworth, Kirsty commenced the lease extension process just as the lease was approaching the critical 80-year deadline. The transaction was finalised in August 2012. The freeholder’s costs were negotiated to slightly above five hundred GBP.

Rickmansworth case:

In 2014 we were phoned by Dr E Jackson who, having was assigned a lease of a garden apartment in Rickmansworth in October 2005. The dilemma was if we could estimate the premium would be for a ninety year extension to my lease. Identical residencies in Rickmansworth with a long lease were valued around £254,200. The average ground rent payable was £60 collected per annum. The lease concluded in 2077. Given that there were 51 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 plus fees.