Stop! Your Lease Extension in Arkley Could Be FREE

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Many leaseholders in Arkley 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 Arkley 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 commence your Arkley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Arkley property value

Arkley residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

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

Leasehold residencies in Arkley with over 100 years left on the lease are sometimes regarded as a ‘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 buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not lend with a short lease

Lenders are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. As a number of flats in Arkley were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
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.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland 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.

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

Irrespective of whether you are a tenant or a freeholder in Arkley,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Arkley valuers.

Arkley Lease Extension Case Summaries:

Reuben, Arkley, North London,

Reuben was the the leasehold owner of a conversion flat in Arkley being sold with a lease of a few days over sixty years unexpired. Reuben on an informal basis spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Reuben to exercise his statutory right. Reuben procured expert legal guidance and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Arkley case:

Ms Y Jones acquired a first floor apartment in Arkley in March 2010. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Comparative homes in Arkley with an extended lease were valued around £285,000. The mid-range ground rent payable was £45 invoiced per annum. The lease ended on 4 July 2097. Given that there were 71 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of fees.

Decision in Barnet

An example of a Lease Extension decision for a Arkley residence is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case affected 1 flat. The remaining number of years on the lease was 71.73 years.