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Main reasons to commence your Seven Sisters lease extension

Why you should start your Seven Sisters lease extension today:

Increase your lease and increase your Seven Sisters property value

The value of Seven Sisters 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 substantially once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold properties in Seven Sisters with more than one hundred years left 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 to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not finance a property with a short lease

Many mortgage lenders insist on a lengthy amount of time left on any leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wanting to purchase your property in the future might well do, so if they are unable to secure a mortgage, then the market price of the property could be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Seven Sisters lease extension solicitors or enfranchisement solicitors

Lease extensions in Seven Sisters can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with Seven Sisters lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Seven Sisters Lease Extension Example Cases:

Melissa, Seven Sisters, Baglan,

Trailing unsuccessful discussions with the landlord of her first floor apartment in Seven Sisters, Melissa started the lease extension process as the eighty year threshold was fast nearing. The legal work was concluded in July 2011. The freeholder’s fees were kept to an absolute minimum.

Seven Sisters case:

In 2009 we were called by Ms T Watson who, having acquired a basement flat in Seven Sisters in June 1997. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Similar premises in Seven Sisters with a long lease were valued about £280,000. The mid-range amount of ground rent was £45 collected quarterly. The lease finished in 2095. Given that there were 70 years remaining we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including expenses.

Decision in Haringey

An example of a Freehold Enfranchisement decision for a Seven Sisters premises is 22 Wakefield Road in January 2012. Following a vesting order Clerkenwell and Shoreditch County Court under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993 on 9th May 2011 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £17,400 This case affected 2 flats. The remaining number of years on the lease was 74.13 years.