Why you should 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

There is no doubt about it a leasehold flat or house in West Hendon is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 125 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main rational as to why you should extend the lease sooner than later. Many flat owners in West Hendon will qualify for this right; nevertheless a conveyancing solicitor can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

It is generally considered that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not lend on a short lease

Mortgage companies are tightening their criteria and many now expect flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Given that plenty of flats in West Hendon were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

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

Lease extensions in West Hendon can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience dealing with West Hendon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Hendon Lease Extension Example Cases:

Reuben, West Hendon, North London,

Reuben owned a studio flat in West Hendon being sold with a lease of fraction over sixty years left. Reuben on an informal basis contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Reuben to invoke his statutory right. Reuben procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

West Hendon case:

Mr and Mrs. C Cox owned a ground floor apartment in West Hendon in September 2009. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative properties in West Hendon with an extended lease were valued about £235,200. The mid-range ground rent payable was £45 collected yearly. The lease terminated in 2092. Considering the 66 years outstanding we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of fees.