Top reasons for Crouch End lease extension

Why you should start your Crouch End lease extension today:

A Crouch End lease depreciates with the years remaining on the lease.

Crouch End leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Crouch End enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Crouch End you should see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

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

Leasehold premises in Crouch End with over one hundred years outstanding 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 property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not lend on a short lease

Get in touch with one of our Crouch End lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Crouch End leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Crouch End Lease Extension Example Cases:

Melissa, Crouch End, North London,

After lengthy negotiations with the freeholder of her basement flat in Crouch End, Melissa initiated the lease extension process as the 80 year mark was quickly nearing. The transaction was concluded in September 2015. The freeholder’s costs were negotiated to below 500 GBP.

Crouch End case:

In 2014 we were phoned by Mr and Mrs. P Miller who, having was assigned a lease of a first floor flat in Crouch End in June 1996. The dilemma was if we could approximate the premium could be for a 90 year extension to my lease. Comparative homes in Crouch End with a long lease were worth £254,200. The average amount of ground rent was £60 billed per annum. The lease came to a finish on 1 October 2077. Given that there were 51 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 exclusive of legals.