Top reasons for Hadley Wood lease extension

Main reasons to start your Hadley Wood lease extension today:

A Hadley Wood leasehold property depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Hadley Wood is impacted by how many years the lease has remaining. If it is near to or fewer than eighty years you should expect difficulties on re-sale, so it is recommended to arrange for the lease to be extended before buying. It is preferable to commence the lease extension process when the lease still has 82 years to run so that formalities can be finalised ahead of the 80 year cut off point. Statute entitles Hadley Wood qualifying lessees to acquire a lease extension of ninety years in addition to the remaining length of the lease at a peppercorn rent (that is, rent free). The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

Hadley Wood property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not lend on a short lease

Mortgage companies will not grant a mortgage on short residential leases. You most probably encounter problems where you wish to sell your flat in Hadley Wood if the unexpired term of your lease is less than the criteria set by the majority of banks and building societies. Different lenders have different requirements but in the main theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Hadley Wood?

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

Hadley Wood Lease Extension Case Studies:

Gabriel, Hadley Wood, North London

Two years ago Gabriel, came critically near to the 80-year mark with the lease on his one bedroom apartment in Hadley Wood. Having purchased his flat two decades ago, the unexpired term was of little importance. by good luck, he realised he needed to take action soon on Extending the lease. Gabriel extended the lease just under the wire last April. Gabriel and the freeholder via the managing agents eventually settled on the final figure of £5,500 . If the lease had dropped below 80 years, the figure would have become more costly by at least £925.

Hadley Wood case:

Last Autumn we were contacted by Mr D Allen , who purchased a one bedroom flat in Hadley Wood in October 2007. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by ninety years. Comparative homes in Hadley Wood with an extended lease were valued around £193,400. The mid-range ground rent payable was £65 billed yearly. The lease termination date was in 2085. Having 59 years left we estimated the premium to the landlord to extend the lease to be between £21,900 and £25,200 plus legals.