Main reasons to start your North Finchley lease extension

Top reasons for lease extension now:

A North Finchley leasehold property depreciates with the years remaining on the lease.

North Finchley leases on domestic properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in North Finchley will usually qualify for a lease extension; however It would be wise to check with a lawyer to check if you qualify. In certain circumstances you may not be entitled. There are also strict deadlines and procedures to follow once the process has started so it’s best to be guided by a conveyancer during the process.

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

Leasehold premises in North Finchley with more than one hundred years left 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 upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may not issue a mortgage with a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with less than 70 years remaining - although this varies from lender to lender. A buyer will likely find it difficult to obtain a mortgage and this could result in your North Finchley property being difficult to sell or to obtain finance on.

What makes us experts in North Finchley lease extensions?

Lease extensions in North Finchley can be a difficult process. We recommend you secure professional help from a conveyancing solicitor 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 dealing with North Finchley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

North Finchley Lease Extension Case Studies:

Gabriel, North Finchley, North London,

Gabriel owned a conversion flat in North Finchley on the market with a lease of a little over fifty eight years remaining. Gabriel on an informal basis contacted his landlord being a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Gabriel to invoke his statutory right. Gabriel procured expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.

North Finchley case:

Dr J Miller bought a first floor flat in North Finchley in May 2005. We are asked if we could approximate the price would be for a 90 year extension to my lease. Similar homes in North Finchley with 100 year plus lease were in the region of £191,400. The mid-range amount of ground rent was £55 billed annually. The lease concluded in 2080. Given that there were 54 years remaining we calculated the compensation to the landlord to extend the lease to be within £34,200 and £39,600 not including professional charges.