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Main reasons to start your Golders Green lease extension


Why you should commence your Golders Green lease extension today:

Increase your lease and increase your Golders Green property value

There is no doubt about it a leasehold property in Golders Green is a wasting asset as a result of the shortening lease. Where the lease has, beyond 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending without delay. Most flat owners in Golders Green will qualify for this right; that being said a lawyer will be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold properties in Golders Green with more than one hundred years unexpired on the lease are often referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may decide not to finance a property with a short lease

Lending institutions are less likely to give a loan offer on a residential flat in Golders Green with a short lease. Many lenders simply refuse a mortgage on leases with less than 75 years left.

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.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.

What makes us experts in Golders Green lease extensions?

The conveyancers that we work with procure Golders Green 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 lawyer we work with provide it.

Golders Green Lease Extension Example Cases:

Caitlin, Golders Green, North London,

Following lengthy correspondence with the freeholder of her one bedroom apartment in Golders Green, Caitlin commenced the lease extension process as the 80 year threshold was fast advancing. The legal work was finalised in May 2011. The landlord’s charges were restricted to approximately 550 pounds.

Golders Green case:

In 2014 we were contacted by Ms F Robinson who, having acquired a garden flat in Golders Green in March 1996. The dilemma was if we could estimate the premium would be to extend the lease by 90 years. Similar premises in Golders Green with a long lease were worth £235,600. The mid-range ground rent payable was £60 invoiced quarterly. The lease ended in 2086. Given that there were 62 years remaining we approximated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including fees.

Decision in Barnet

An example of a Lease Extension decision for a Golders Green flat is Flat A 372 Cricklewood Lane in January 2013. The Tribunal decided that the premium for the extended lease should be £5,750.00 and that the terms of the new lease should be those set out in annex to the decsion This case was in relation to 1 flat.