Main reasons to start your West Hendon lease extension

Why you should start your West Hendon lease extension today:

Increase your lease and increase your West Hendon property value

For those whose West Hendon home is held on a long lease, our message is clear – if no remedial action is taken, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension.

West Hendon property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not lend with a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the unexpired lease term required by lenders has increased. In the past lenders were content with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in West Hendon?

Irrespective of whether you are a tenant or a landlord in West Hendon,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 West Hendon valuers.

West Hendon Lease Extension Example Cases:

Charlie, West Hendon, North London,

Charlie owned a 2 bedroom apartment in West Hendon being marketed with a lease of a little over 59 years remaining. Charlie on an informal basis contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 yearly. No ground rent would be due on a lease extension were Charlie to invoke his statutory right. Charlie procured expert advice and secured an acceptable deal without resorting to tribunal and sell the property.

West Hendon case:

Dr Stephanie Murphy took over the lease of a first floor flat in West Hendon in June 2009. The dilemma was if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Comparative premises in West Hendon with a long lease were valued around £265,000. The average amount of ground rent was £50 billed quarterly. The lease lapsed on 27 June 2100. Taking into account 74 years unexpired we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.