Why you should start your Golders Green lease extension

Top reasons for lease extension now:

A Golders Green leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Golders Green you actually own a long leasehold interest over your property

Golders Green property with a lease extension is almost the same value as a freehold

Leasehold properties in Golders Green with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. 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.

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

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are considered to be unacceptable security.

What makes us experts in Golders Green lease extensions?

Regardless of whether you are a tenant or a landlord in Golders Green,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Golders Green valuers.

Golders Green Lease Extension Example Cases:

Aiden, Golders Green, North London

Half a year ago Aiden, came critically close to the 80-year mark with the lease on his purpose- built apartment in Golders Green. In buying his flat two decades ago, the length of the lease was of little concern. Luckily, it dawned on him that he would soon be paying an escalated premium for a lease extension. Aiden extended the lease just under the wire in August. Aiden and the landlord in the end settled on a premium of £5,000 . If he not met the deadline, the figure would have increased by at least £1,125.

Golders Green case:

Last Christmas we were called by Mrs G Díaz , who acquired a basement flat in Golders Green in March 1995. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable properties in Golders Green with a long lease were valued around £275,000. The mid-range amount of ground rent was £45 billed annually. The lease lapsed on 21 June 2095. Taking into account 69 years remaining we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.