Chipping Barnet Lease Extension - Free Consultation

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Before you progress with your lease extension in Chipping Barnet
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Chipping Barnet lease extension

Top reasons for lease extension now:

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

Chances are that where you own a flat in Chipping Barnet you actually own a long leasehold interest over your property

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

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

Lending institutions may not loan monies with a short lease

Nearly all mortgage companies will not grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Chipping Barnet property becoming difficult to dispose of or refinance.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.

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

The conveyancing solicitors that we work with procure Chipping Barnet lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Chipping Barnet Lease Extension Case Studies:

Laura, Chipping Barnet, North London,

In the wake of 6 months of lengthy correspondence with the landlord of her first floor flat in Chipping Barnet, Laura initiated the lease extension process as the eighty year deadline was rapidly approaching. The legal work was finalised in August 2014. The freeholder’s charges were restricted to about six hundred GBP.

Chipping Barnet case:

Last Winter we were phoned by Mr Liam Moore , who took over the lease of a studio flat in Chipping Barnet in September 2000. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparable properties in Chipping Barnet with 100 year plus lease were in the region of £176,200. The average amount of ground rent was £65 invoiced yearly. The lease expired in 2081. Having 56 years unexpired we estimated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 not including costs.

Decision in Barnet

An example of a Lease Extension case for a Chipping Barnet premises 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 number of years remaining on the existing lease(s) was 76 years.