Why you should start your Crouch End lease extension

Main reasons to commence 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 decreasing 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. Legislation has been in place for sometime now which permits qualifying Crouch End residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Crouch End you would be well advised to investigate if your lease has between seventy and 90 years remaining. There are good reasons why a Crouch End flat owner with a lease having around eighty years left should take action to ensure that a lease extension is actioned without delay

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

Leasehold properties in Crouch End with over one hundred years left on the lease are sometimes 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 to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lenders will not loan monies with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks were content with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Crouch End?

Lease extensions in Crouch End can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in this area.

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 a wealth of experience procuring Crouch End lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Crouch End Lease Extension Case Summaries:

Mason, Crouch End, North London

Last year Mason, started to get near to the 80-year threshold with the lease on his purpose- built apartment in Crouch End. Having purchased his home two decades ago, the lease term was of no relevance. Luckily, he noticed he would imminently be paying way over the odds for Extending the lease. Mason was able to extend his lease just under the wire in January. Mason and the landlord who owned the flat above eventually agreed on an amount of £6,000 . If he failed to meet the deadline, the price would have gone up by at least £1,075.

Crouch End case:

In 2011 we were contacted by Dr A Martinez who, having completed a one bedroom apartment in Crouch End in May 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Identical flats in Crouch End with 100 year plus lease were worth £193,400. The average amount of ground rent was £65 billed every twelve months. The lease concluded on 18 January 2085. Given that there were 59 years left we calculated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of fees.