Friern Barnet leases on domestic properties are gradually losing value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Friern Barnet will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a residential leasehold with more than one hundred years unexpired lease term 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.
| Lender | Requirement |
|---|---|
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Friern Barnet can be a difficult process. We recommend you secure guidance from a conveyancer and valuer 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 procuring Friern Barnet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Subsequent to unsuccessful discussions with the landlord of her garden flat in Friern Barnet, Abbie initiated the lease extension process just as the lease was nearing the crucial eighty-year deadline. The transaction was concluded in April 2009. The landlord’s charges were negotiated to less than 600 GBP.
Last Spring we were contacted by Ms Kayleigh Rose , who completed a one bedroom flat in Friern Barnet in March 1995. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable premises in Friern Barnet with 100 year plus lease were valued about £242,600. The average amount of ground rent was £45 invoiced every twelve months. The lease concluded in 2092. Taking into account 67 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 exclusive of professional charges.
An example of a Lease Extension case for a Friern Barnet flat is 34 Poplar Grove in June 2013. The Tribunal directed that the premium for the lease extension should be in the sum of £10,250. This case related to 1 flat.