Why you should commence your Friern Barnet lease extension

Why you should start your Friern Barnet lease extension today:

Increase your lease and increase your Friern Barnet property value

The only way is down when it comes to Friern Barnet lease terms. Friern Barnet flats that have a residual term shorter than 80 years will reduce in market price at a rapid rate, and the cost of extending your lease will rise.

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 sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not grant a mortgage with a short lease

Lending institutions have set criteria when lending funds secured on leasehold property. Some will simply refrain from lending at all once the residual lease term falls under a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than 75 years suitable security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Friern Barnet property.

Get in touch with one of our Friern Barnet lease extension solicitors or enfranchisement solicitors

Using our service will provide you enhanced control over the value of your Friern Barnet leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Friern Barnet Lease Extension Case Summaries:

Samuel, Friern Barnet, North London,

Samuel was the the leasehold proprietor of a 2 bedroom apartment in Friern Barnet being marketed with a lease of fraction over 72 years left. Samuel on an informal basis approached his landlord a well known local-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. Ordinarily, ground rent would not be due on a lease extension were Samuel to invoke his statutory right. Samuel procured expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Friern Barnet case:

Last January we were contacted by Mr and Mrs. T Edwards , who bought a newly refurbished apartment in Friern Barnet in September 2003. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Comparable properties in Friern Barnet with a long lease were valued around £290,000. The mid-range ground rent payable was £60 invoiced quarterly. The lease ran out on 16 April 2106. Taking into account 80 years left we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of expenses.