Main reasons to commence your West Hendon lease extension

Why you should commence your West Hendon lease extension today:

Increase your lease and increase your West Hendon property value

West Hendon leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying West Hendon residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in West Hendon you should check if your lease has between 70 and 90 years remaining. There are compelling reasons why a West Hendon leaseholder with a lease having around eighty years left should take action to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in West Hendon with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may decide not to loan monies with a short lease

Many mortgage companies will be unwilling to lend on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your West Hendon property becoming difficult to dispose of or to obtain finance on.

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

Regardless of whether you are a tenant or a freeholder in West Hendon,the lease extension experts that we work with will always be happy 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:

Chantelle, West Hendon, North London,

Subsequent to protracted negotiations with the landlord of her basement flat in West Hendon, Chantelle commenced the lease extension process as the 80 year threshold was rapidly nearing. The transaction completed in September 2013. The freeholder’s fees were kept to an absolute minimum.

West Hendon case:

Last Summer we were contacted by Dr Sarah Jackson , who purchased a purpose-built flat in West Hendon in June 2002. We are asked if we could estimate the price would likely be to extend the lease by a further 90 years. Identical flats in West Hendon with a long lease were worth £166,400. The average amount of ground rent was £60 invoiced monthly. The lease expired on 14 August 2080. Given that there were 54 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.