Top reasons for West Hendon lease extension

Main reasons to commence your West Hendon lease extension today:

A West Hendon leasehold property depreciates with the years remaining on the lease.

West Hendon leases on residential properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in West Hendon will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In some cases you may not qualify. There are prescribed deadlines and formalities to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.

West Hendon property with a lease extension is almost the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to grant a mortgage with a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Considering a number of flats in West Hendon were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Get in touch with one of our West Hendon lease extension solicitors or enfranchisement solicitors

Using our service will provide you enhanced control over the value of your West Hendon leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

West Hendon Lease Extension Case Summaries:

Yasmin, West Hendon, North London,

In the wake of 6 months of protracted negotiations with the freeholder of her leasehold flat in West Hendon, Yasmin started the lease extension process as the 80 year deadline was fast approaching. The legal work completed in October 2006. The freeholder’s fees were kept to an absolute minimum.

West Hendon case:

Dr J Kelly completed a one bedroom apartment in West Hendon in November 2005. The question was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable homes in West Hendon with a long lease were valued about £210,600. The mid-range amount of ground rent was £45 collected annually. The lease ran out in 2088. Taking into account 62 years left we estimated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 plus legals.