Why you should start your Highgate lease extension

Why you should start your Highgate lease extension today:

A Highgate leasehold property depreciates with the years remaining on the lease.

Highgate leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Highgate residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Highgate you really ought to investigate if your lease has between 70 and ninety years remaining. There are compelling reasons why a Highgate flat owner with a lease having around eighty years remaining should take action to make sure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions will not issue a mortgage on a short lease

What makes us experts in Highgate lease extensions?

The conveyancers that we work with undertake Highgate lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Highgate Lease Extension Example Cases:

Jennifer, Highgate, North London,

Following unsuccessful negotiations with the landlord of her basement flat in Highgate, Jennifer started the lease extension process just as the lease was approaching the all-important 80-year mark. The legal work completed in August 2007. The freeholder’s costs were restricted to a tad over 500 GBP.

Highgate case:

Last Spring we were contacted by Mrs U Lewis , who acquired a garden apartment in Highgate in October 2007. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Similar residencies in Highgate with 100 year plus lease were valued around £255,000. The mid-range amount of ground rent was £50 invoiced annually. The lease elapsed on 28 April 2096. Taking into account 70 years outstanding we approximated the premium to the freeholder for the lease extension to be between £10,500 and £12,000 plus fees.