Main reasons to start your Watford lease extension

Why you should commence your Watford lease extension today:

Increase your lease and increase your Watford property value

With a long leasehold premises in Watford, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are less than 80 years left. Residents in Watford with a lease approaching 81 years unexpired should seriously consider extending it without delay. Once a lease has under eighty years remaining, under the relevant statute the landlord can calculate and levy a larger premium, based on a technical multiplication, known as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to lend on a short lease

What makes us experts in Watford lease extensions?

Irrespective of whether you are a tenant or a freeholder in Watford,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Watford valuers.

Watford Lease Extension Case Studies:

Zachary, Watford, Hertfordshire,

Zachary was the the leasehold proprietor of a high value apartment in Watford on the market with a lease of just over 72 years outstanding. Zachary on an informal basis approached his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Zachary to invoke his statutory right. Zachary procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.

Watford case:

Dr Freya Mason acquired a one bedroom flat in Watford in June 2006. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative homes in Watford with 100 year plus lease were worth £176,200. The average ground rent payable was £65 billed monthly. The lease lapsed in 2082. Considering the 56 years remaining we estimated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 not including expenses.