Stop! Your Lease Extension in Islington Could Be FREE

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Many leaseholders in Islington 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 Islington 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.

Why you should start your Islington lease extension

Why you should commence your Islington lease extension today:

A Islington leasehold property depreciates with the years remaining on the lease.

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

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

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not lend on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years left at the expiry of the mortgage. As a number of flats in Islington were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

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.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 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.

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

Lease extensions in Islington 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 Islington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Islington Lease Extension Case Studies:

Adam, Islington, North London,

Adam was the the leasehold proprietor of a studio apartment in Islington being marketed with a lease of just over 61 years remaining. Adam informally spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 yearly. No ground rent would be due on a lease extension were Adam to exercise his statutory right. Adam procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Islington case:

Last Winter we were approach by Mr and Mrs. Y Roux , who acquired a one bedroom apartment in Islington in June 2011. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable homes in Islington with 100 year plus lease were valued about £210,000. The average amount of ground rent was £50 collected per annum. The lease expired on 17 February 2106. Taking into account 80 years outstanding we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.

Decision in Hackney

An example of a Lease Extension case for a Islington premises is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case related to 1 flat. The unexpired term as at the valuation date was 80.5 years.