Top reasons for West Hendon lease extension

Why you should start your West Hendon lease extension today:

Increase your lease and increase your West Hendon property value

There is no doubt about it a leasehold property in West Hendon is a wasting asset as a result of the diminishing lease term. Where the lease has, in excess of 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than eighty years unexpired 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 primary rational as to why you should consider extending sooner than later. Most flat owners in West Hendon will meet the qualifying criteria; however a conveyancing solicitor can confirm whether you qualify 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.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to homes in West Hendon with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus restricting your market.

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

Engaging our service will provide you better 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 decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

West Hendon Lease Extension Example Cases:

Emma, West Hendon, North London,

Off the back of lengthy correspondence with the freeholder of her ground floor flat in West Hendon, Emma initiated the lease extension process just as her lease was nearing the critical 80-year mark. The legal work was finalised in January 2006. The freeholder’s charges were negotiated to approximately 450 GBP.

West Hendon case:

Mr Austin Morris completed a one bedroom flat in West Hendon in July 2001. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Similar properties in West Hendon with an extended lease were in the region of £186,000. The mid-range amount of ground rent was £65 collected quarterly. The lease ran out on 6 November 2084. Taking into account 58 years left we calculated the premium to the freeholder to extend the lease to be between £24,700 and £28,600 exclusive of legals.