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

Friern Barnet leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Most owners of residential leasehold property in Friern Barnet enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Friern Barnet you really ought to investigate if your lease has between 70 and ninety years left. There are good reasons why a Friern Barnet flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in Friern Barnet with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may not loan monies on a short lease

Mortgage lenders have set criteria when lending funds secured on leasehold property. Some will simply refrain from lending at all once the residual lease term falls lower than a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired below 75 years as acceptable security. In addition to this being important when selling, it is also relevant where you are seeking to refinance your Friern Barnet property.

What makes us experts in Friern Barnet lease extensions?

Lease extensions in Friern Barnet can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in this area.

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 a wealth of experience procuring Friern Barnet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Friern Barnet Lease Extension Case Studies:

Andrew, Friern Barnet, North London

Two years ago Andrew, came critically near to the 80-year threshold with the lease on his first floor flat in Friern Barnet. In buying his flat two decades ago, the length of the lease was of little interest. Luckily, he recognised he would soon be paying an escalated premium for Extending the lease. Andrew extended the lease just under the wire last August. Andrew and the freeholder via the management company ultimately agreed on sum of £5,000 . If he had missed the deadline, the premium would have become more costly by at least £1,150.

Friern Barnet case:

In 2013 we were contacted by Dr Stanley Rogers who, having moved into a first floor flat in Friern Barnet in August 2010. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative residencies in Friern Barnet with a long lease were in the region of £183,600. The mid-range ground rent payable was £65 billed annually. The lease expired in 2083. Considering the 57 years remaining we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including costs.