Main reasons to start your North Finchley lease extension

Why you should start your North Finchley lease extension today:

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

North Finchley 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 the lease gets more expensive. It is the case that most North Finchley tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in North Finchley you must investigate if your lease has between seventy and 90 years remaining. There are good reasons why a North Finchley flat owner with a lease having around eighty years remaining should take steps to ensure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in North Finchley with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth 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.

Lenders will not lend on a short lease

Almost all mortgage companies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wishing to buy your property in the future might well do, so in the event that they can't get a mortgage, then the value of the property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in North Finchley lease extensions?

The conveyancers that we work with handle North Finchley 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.

North Finchley Lease Extension Case Studies:

Eleanor, North Finchley, North London,

Trailing lengthy correspondence with the freeholder of her first floor apartment in North Finchley, Eleanor initiated the lease extension process as the 80 year threshold was fast approaching. The transaction completed in November 2012. The landlord’s charges were kept to an absolute minimum.

North Finchley case:

Last April we were called by Dr V Anderson , who was assigned a lease of a purpose-built apartment in North Finchley in January 2007. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparable residencies in North Finchley with an extended lease were worth £260,200. The average ground rent payable was £65 collected annually. The lease concluded on 5 March 2092. Considering the 66 years unexpired we estimated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 plus professional charges.