Main reasons to start your Cockfosters lease extension

Main reasons to commence your Cockfosters lease extension today:

A Cockfosters leasehold property depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Cockfosters depends on how long the lease has left to run. If it is near to or fewer than eighty years you should foresee problems on re-sale, so it is recommended to arrange for a lease extension prior to buying. It is ideal to start the lease extension process when the lease still has 82 years unexpired so that a lease extension can be concluded in advance of the eighty year mark. Statute entitles Cockfosters qualifying lessees to a ninety year extension added to their remaining lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The reason of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension.

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

Leasehold properties in Cockfosters with over 100 years outstanding on the lease are often 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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not grant a mortgage with a short lease

What makes us experts in Cockfosters lease extensions?

Irrespective of whether you are a tenant or a landlord in Cockfosters,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 experience and the close ties they enjoy with Cockfosters valuers.

Cockfosters Lease Extension Case Studies:

Harvey, Cockfosters, North London,

Harvey was the the leasehold owner of a 2 bedroom flat in Cockfosters on the market with a lease of a few days over fifty eight years left. Harvey informally approached his freeholder a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Harvey to exercise his statutory right. Harvey procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.

Cockfosters case:

Mr and Mrs. N Stewart owned a ground floor flat in Cockfosters in October 2000. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical flats in Cockfosters with 100 year plus lease were worth £248,000. The mid-range ground rent payable was £65 invoiced annually. The lease concluded on 26 August 2089. Having 63 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including fees.