New Southgate Lease Extension - Free Consultation

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Before you progress with your lease extension in New Southgate
Get a quote from one of our lease extension experts with over 20 years experience.

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Main reasons to commence your New Southgate lease extension

Why you should commence your New Southgate lease extension today:

A New Southgate lease depreciates with the years remaining on the lease.

Chances are that where you own a flat in New Southgate you actually own a long leasehold interest over your property

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

Leasehold premises in New Southgate with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may decide not to finance a property with a short lease

Lending institutions have set criteria when loaning monies secured on leasehold homes. Some will simply not lend at all once an unexpired lease term slips under a certain unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are wanting to refinance your New Southgate home.

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.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
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 New Southgate lease extension solicitors or enfranchisement solicitors

Lease extensions in New Southgate can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in lease extensions.

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

New Southgate Lease Extension Example Cases:

Ellie, New Southgate, North London,

Trailing unsuccessful discussions with the freeholder of her basement apartment in New Southgate, Ellie started the lease extension process as the 80 year deadline was fast nearing. The legal work was finalised in August 2014. The landlord’s fees were kept to an absolute minimum.

New Southgate case:

In 2012 we were contacted by Mr and Mrs. L James who, having acquired a one bedroom apartment in New Southgate in November 2012. The question was if we could approximate the price could be for a 90 year lease extension. Similar flats in New Southgate with an extended lease were valued about £196,400. The mid-range amount of ground rent was £55 billed every twelve months. The lease finished in 2078. Having 54 years as a residual term we calculated the premium to the landlord for the lease extension to be between £35,200 and £40,600 not including professional charges.

Decision in Barnet

An example of a Freehold Enfranchisement decision for a New Southgate residence is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The unexpired term was 70.31 years.