Why you should start your Chipping Barnet lease extension

Main reasons to commence your Chipping Barnet lease extension today:

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

Chipping Barnet leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. If lease term dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Chipping Barnet will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm your eligibility. In certain situations you may not be entitled. There are also strict deadlines and procedures to comply with once the process is triggered so it’s sensible to be guided by a conveyancer during the process.

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

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not lend on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will cause difficulties once you wish to market or refinance your property as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your buyer must hold off for two years before they can exercise the right to a a lease extension.

What makes us experts in Chipping Barnet lease extensions?

Lease extensions in Chipping Barnet can be a difficult process. We recommend you procure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Chipping Barnet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chipping Barnet Lease Extension Case Summaries:

Jack, Chipping Barnet, North London

Last Christmas Jack, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Chipping Barnet. In buying his home 18 years ago, the unexpired term was of minimal concern. Thankfully, he noticed he would soon be paying an inflated amount for Extending the lease. Jack extended the lease at the eleventh hour last May. Jack and the freeholder ultimately agreed on a premium of £6,000 . If the lease had slipped below 80 years, the price would have increased by a minimum £1,025.

Chipping Barnet case:

Mr and Mrs. T Phillips bought a purpose-built flat in Chipping Barnet in August 2010. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative properties in Chipping Barnet with an extended lease were worth £166,400. The mid-range ground rent payable was £60 billed annually. The lease lapsed on 14 March 2080. Taking into account 54 years unexpired we calculated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 not including expenses.