Main reasons to start your Friern Barnet lease extension

Top reasons for lease extension now:

Increase your lease and increase your Friern Barnet property value

With a domestic leasehold property in Friern Barnet, you are actually purchasing a right to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than 80 years left. Residents in Friern Barnet with a lease drawing near to 81 years unexpired should seriously consider extending it sooner as opposed to later. Once the lease term has under 80 years remaining, under the relevant legislation the landlord is entitled to calculate and charge a greater premium, based on a technical computation, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

Leasehold premises in Friern Barnet with more than 100 years outstanding on the lease are often referred to as ‘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 reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will cause difficulties as and when you need to market or refinance your flat as it will be practically unmortgageable. Even though you may not have an immediate desire to sell but when you do your buyer will need to wait 2 years before being able to exercise the right to a an extension to the lease.

What makes us experts in Friern Barnet lease extensions?

Using our service gives you increased control over the value of your Friern Barnet leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Friern Barnet Lease Extension Case Summaries:

Rhiannon, Friern Barnet, North London,

After unsuccessful correspondence with the freeholder of her garden flat in Friern Barnet, Rhiannon commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The transaction completed in May 2011. The freeholder’s charges were kept to an absolute minimum.

Friern Barnet case:

Dr Alfie Gray acquired a newly refurbished flat in Friern Barnet in April 2002. The dilemma was if we could estimate the premium would be to prolong the lease by ninety years. Identical homes in Friern Barnet with an extended lease were in the region of £264,000. The average amount of ground rent was £60 billed yearly. The lease terminated on 20 January 2079. Taking into account 53 years unexpired we approximated the premium to the landlord to extend the lease to be within £37,100 and £42,800 plus fees.