Stop! Your Lease Extension in Harringay Could Be FREE

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Many leaseholders in Harringay are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Harringay has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your Harringay lease extension

Why you should commence your Harringay lease extension today:

Increase your lease and increase your Harringay property value

On the balance of probabilities if you own a flat in Harringay you actually own a long leasehold interest over your property

Harringay property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may not finance a property with a short lease

The trend since over the last decade has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. In the past lenders were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Harringay?

The lawyers that we work with handle Harringay 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.

Harringay Lease Extension Case Studies:

Rory, Harringay, North London

18 months ago Rory, started to get close to the 80-year mark with the lease on his one bedroom apartment in Harringay. Having bought his property 19 years previously, the lease term was of no relevance. Fortunately, he realised he needed to take steps soon on a lease extension. Rory arranged for a lease extension at the eleventh hour last May. Rory and the landlord in the end settled on a premium of £5,500 . If the lease had descended to less than 80 years, the premium would have increased by at least £1,100.

Harringay case:

Last Spring we were approach by Mr T Lefebvre , who completed a first floor apartment in Harringay in October 2009. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparative homes in Harringay with a long lease were in the region of £216,000. The average ground rent payable was £60 invoiced quarterly. The lease lapsed on 1 August 2084. Taking into account 58 years left we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of professional charges.

Decision in Haringey

An example of a Freehold Enfranchisement case for a Harringay premises is 37 St. Margarets Avenue in January 2010. Following a vesting order by Edmonton County Court on 8th November 2008 the Tribunal decided that the price that the Applicant for the freehold interest should pay is £20,543 This case affected 2 flats. The remaining number of years on the lease was 74.75 years.