Main reasons to start your Chipping Barnet lease extension

Why you should start your Chipping Barnet lease extension today:

A Chipping Barnet lease depreciates with the years remaining on the lease.

The value of Chipping Barnet leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the unexpired lease term is less than eighty years

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

Leasehold properties in Chipping Barnet with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to loan monies on a short lease

Many banks and building societies will not lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this could result in your Chipping Barnet property being difficult to dispose of or refinance.

Why use us for your lease extension in Chipping Barnet?

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

Chipping Barnet Lease Extension Example Cases:

Poppy, Chipping Barnet, North London,

Off the back of protracted negotiations with the freeholder of her garden flat in Chipping Barnet, Poppy commenced the lease extension process as the eighty year deadline was swiftly approaching. The lease extension was concluded in June 2012. The freeholder’s fees were restricted to under 650 pounds.

Chipping Barnet case:

Last Winter we were called by Mr U Norbert , who owned a one bedroom flat in Chipping Barnet in September 1995. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparable homes in Chipping Barnet with a long lease were worth £235,200. The average amount of ground rent was £45 collected quarterly. The lease concluded in 2092. Taking into account 66 years left we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including costs.