Stop! Your Lease Extension in New Barnet Could Be FREE

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Many leaseholders in New Barnet are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in New Barnet has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for New Barnet lease extension

Why you should commence your New Barnet lease extension today:

A New Barnet leasehold property depreciates with the years remaining on the lease.

New Barnet leases on residential properties are gradually losing value. if your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in New Barnet will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not be entitled. There are also strict timetables and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to grant a mortgage with a short lease

Nearly all mortgage companies require a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be aware that it is likely that someone wishing to purchase your property in the future might well do, so where they are unable to secure a mortgage, then the market price of your property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend 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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in New Barnet?

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

New Barnet Lease Extension Example Cases:

Blake, New Barnet, Hertfordshire

Last Winter Blake, came perilously near to the eighty-year threshold with the lease on his ground floor apartment in New Barnet. Having bought his home two decades ago, the unexpired term was of minimal concern. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Blake extended the lease at the eleventh hour last January. Blake and the freeholder via the management company eventually agreed on sum of £5,500 . If the lease had descended below 80 years, the figure would have become more exhorbitant by a minimum £1,150.

New Barnet case:

Mr Finley Jones acquired a one bedroom flat in New Barnet in May 1998. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Comparable flats in New Barnet with an extended lease were worth £191,000. The average ground rent payable was £65 collected yearly. The lease came to a finish in 2084. Considering the 58 years left we estimated the compensation to the landlord for the lease extension to be within £23,800 and £27,400 exclusive of costs.

Decision in Barnet

An example of a Lease Extension decision for a New Barnet flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The remaining number of years on the lease was 76 years.