Main reasons to start your Hadley Wood lease extension

Why you should commence your Hadley Wood lease extension today:

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

Hadley Wood leases on domestic deteriorating in value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Hadley Wood will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.

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

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not lend on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be unacceptable for lending purposes.

Why use us for your lease extension in Hadley Wood?

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

Hadley Wood Lease Extension Example Cases:

Olivia, Hadley Wood, North London,

After lengthy negotiations with the freeholder of her first floor apartment in Hadley Wood, Olivia initiated the lease extension process as the eighty year threshold was swiftly approaching. The transaction was finalised in September 2015. The landlord’s fees were restricted to slightly above 450 GBP.

Hadley Wood case:

Last Autumn we were contacted by Mr and Mrs. T Smith , who purchased a basement flat in Hadley Wood in June 1998. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical properties in Hadley Wood with an extended lease were valued about £183,600. The mid-range amount of ground rent was £65 billed yearly. The lease came to a finish on 7 August 2082. Having 57 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus legals.