Stop! Your Lease Extension in Chipping Barnet Could Be FREE

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Many leaseholders in Chipping Barnet 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 Chipping Barnet 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.

Top reasons for Chipping Barnet lease extension

Why you should start your Chipping Barnet lease extension today:

Increase your lease and increase your Chipping Barnet property value

The only way is down when it comes to Chipping Barnet lease terms. Chipping Barnet flats that have a lease term fewer than eighty years will reduce in market price at a rapid rate, and the cost of extending your lease will increase.

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

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may not finance a property on a short lease

Lending institutions are less likely to grant a mortgage on a residential flat in Chipping Barnet with a short lease. Some lenders simply refuse to lend on leases with less than 75 years remaining.

Lender Requirement
Accord Mortgages
Birmingham Midshires
Godiva Mortgages
Halifax
Leeds Building Society

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

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

Chipping Barnet Lease Extension Example Cases:

Cameron, Chipping Barnet, North London

18 months ago Cameron, came perilously close to the 80-year mark with the lease on his two bedroom flat in Chipping Barnet. In buying his property twenty years ago, the lease term was of minimal interest. As luck would have it, he realised he would soon be paying an inflated amount for a lease extension. Cameron extended the lease just ahead of time last January. Cameron and the freeholder via the management company in the end settled on sum of £5,000 . If he had missed the deadline, the sum would have escalated by at least £975.

Chipping Barnet case:

In 2014 we were approached by Mrs C Ali who, having moved into a studio apartment in Chipping Barnet in April 1999. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparable residencies in Chipping Barnet with 100 year plus lease were worth £265,000. The mid-range amount of ground rent was £50 billed quarterly. The lease finished on 22 September 2099. Considering the 73 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.

Decision in Barnet

An example of a Lease Extension decision for a Chipping Barnet flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The unexpired term was 76 years.