Why you should commence your North Finchley lease extension

Main reasons to start your North Finchley lease extension today:

Increase your lease and increase your North Finchley property value

The market value of North Finchley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in North Finchley with more than 100 years left on the lease are sometimes 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 purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not grant a mortgage with a short lease

Most high street banks are tightening their criteria and many now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. As plenty of flats in North Finchley were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

What makes us experts in North Finchley lease extensions?

Retaining our service will provide you increased control over the value of your North Finchley leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

North Finchley Lease Extension Case Studies:

Joseph, North Finchley, North London,

Joseph was the the leasehold proprietor of a high value apartment in North Finchley on the market with a lease of a few days over 59 years unexpired. Joseph informally contacted his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be payable on a lease extension were Joseph to invoke his statutory right. Joseph procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.

North Finchley case:

In 2011 we were approached by Mr C Johnson who, having moved into a one bedroom apartment in North Finchley in February 2004. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Similar properties in North Finchley with 100 year plus lease were valued around £200,000. The average amount of ground rent was £50 billed per annum. The lease came to a finish in 2103. Having 77 years left we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including professional charges.