Stop! Your Lease Extension in Pentonville Could Be FREE

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Many leaseholders in Pentonville 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 Pentonville 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 Pentonville lease extension

Why you should commence your Pentonville lease extension today:

A Pentonville lease depreciates with the years remaining on the lease.

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

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

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies on a short lease

The trend since over the last decade has been for lenders to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks were content with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Lender Requirement
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.
Leeds Building Society 85 years remaining from the start 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.

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

Regardless of whether you are a tenant or a landlord in Pentonville,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Pentonville valuers.

Pentonville Lease Extension Example Cases:

Kai, Pentonville, North London

14 months ago Kai, started to get near to the eighty-year threshold with the lease on his leasehold apartment in Pentonville. Having bought his flat twenty years ago, the unexpired term was of no importance. by good luck, he became aware that he would soon be paying an escalated premium for Extending the lease. Kai was able to extend his lease just under the wire last January. Kai and the landlord in the end agreed on a premium of £5,500 . If he had missed the deadline, the premium would have become more exhorbitant by a minimum £1,150.

Pentonville case:

Last year we were approach by Mrs Mia Ward , who owned a purpose-built apartment in Pentonville in July 2008. The dilemma was if we could approximate the price would be for a ninety year extension to my lease. Comparable residencies in Pentonville with a long lease were in the region of £210,000. The average amount of ground rent was £50 collected monthly. The lease concluded on 18 March 2106. Considering the 80 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus legals.

Decision in Camden

An example of a Lease Extension matter before the tribunal for a Pentonville flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case affected 1 flat. The remaining number of years on the lease was 66.8 years.