Cockfosters Lease Extension - Free Consultation

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Why you should start your Cockfosters lease extension

Top reasons for lease extension now:

A Cockfosters leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Cockfosters you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may not issue a mortgage with a short lease

Banks and Building Societies are less likely to grant a loan offer on a residential property in Cockfosters with a short lease. Many lenders simply refuse to lend on leases with less than 75 years left.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

Why use us for your lease extension in Cockfosters?

The conveyancing solicitors that we work with procure Cockfosters 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.

Cockfosters Lease Extension Example Cases:

Alice, Cockfosters, North London,

Subsequent to unsuccessful discussions with the landlord of her two bedroom apartment in Cockfosters, Alice commenced the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction was finalised in July 2014. The freeholder’s charges were kept to an absolute minimum.

Cockfosters case:

In 2014 we were e-mailed by Mr and Mrs. R Gunderson who, having purchased a basement apartment in Cockfosters in August 1999. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative homes in Cockfosters with a long lease were in the region of £300,000. The average ground rent payable was £50 billed per annum. The lease came to a finish in 2100. Considering the 75 years left we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.

Decision in Barnet

An example of a Freehold Enfranchisement decision for a Cockfosters residence is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The number of years remaining on the existing lease(s) was 70.31 years.