Why you should start your Canonbury lease extension

Main reasons to start your Canonbury lease extension today:

Increase your lease and increase your Canonbury property value

The re-sale value of a leasehold property in Canonbury depends on how long the lease has left to run. If it is near to or less than 80 years you should envisage difficulties on re-sale, so it is advisable to arrange for a lease extension prior to purchasing. Ideally one should start the process of extending the lease is when a lease still has 82 years to run so that formalities can be addressed ahead of the 80 year mark. Current legislation entitles Canonbury qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus an additional term of 90 years. The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies will not loan monies with a short lease

Most high street banks are tightening their criteria and a meaningful number now want flats to have a minimum of sixty if not seventy years left at the end of the mortgage. Given that a number of flats in Canonbury were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Canonbury?

Engaging our service gives you better control over the value of your Canonbury leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Canonbury Lease Extension Case Studies:

Chelsea, Canonbury, North London,

Trailing lengthy correspondence with the landlord of her ground floor apartment in Canonbury, Chelsea commenced the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The lease extension was finalised in February 2009. The landlord’s charges were negotiated to slightly above 600 GBP.

Canonbury case:

In 2009 we were phoned by Mr and Mrs. I Young who, having took over the lease of a basement apartment in Canonbury in September 2011. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Comparable flats in Canonbury with 100 year plus lease were worth £166,800. The mid-range amount of ground rent was £50 invoiced annually. The lease terminated on 6 August 2076. Considering the 50 years left we approximated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 not including professional charges.