Why you should start your Highgate lease extension

Top reasons for lease extension now:

Increase your lease and increase your Highgate property value

Highgate leases on residential deteriorating in value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Highgate will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process is triggered so it’s sensible to be guided by a lawyer during the process.

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

Leasehold properties in Highgate with over 100 years remaining on the lease are sometimes 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 upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not grant a mortgage on a short lease

Lenders do not grant a mortgage on short residential leases. You most probably encounter problems where you want to sell your flat in Highgate if the remaining term of your lease is less than the criteria set by most mortgage companies. Different lenders have varying criteria but on the whole they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Highgate?

Regardless of whether you are a tenant or a landlord in Highgate,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Highgate valuers.

Highgate Lease Extension Case Studies:

Noah, Highgate, North London,

Noah was the the leasehold owner of a studio flat in Highgate on the market with a lease of a little over fifty eight years outstanding. Noah on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 per annum. No ground rent would be payable on a lease extension were Noah to exercise his statutory right. Noah procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.

Highgate case:

Last year we were called by Mr Riley Young , who was assigned a lease of a ground floor flat in Highgate in May 2007. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparable premises in Highgate with an extended lease were in the region of £235,200. The average amount of ground rent was £45 invoiced monthly. The lease concluded on 22 March 2092. Considering the 66 years remaining we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.