Why you should start your East Finchley lease extension

Top reasons for lease extension now:

A East Finchley leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to East Finchley lease terms. East Finchley properties that have a lease term fewer than 80 years will drop in value even faster, and the cost of extending your lease will rise.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not issue a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to properties in East Finchley with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

Why use us for your lease extension in East Finchley?

The conveyancing solicitors that we work with procure East Finchley 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.

East Finchley Lease Extension Example Cases:

Abigail, East Finchley, North London,

In the wake of eight months of lengthy negotiations with the freeholder of her one bedroom flat in East Finchley, Abigail commenced the lease extension process just as her lease was nearing the critical 80-year deadline. The lease extension completed in June 2012. The freeholder’s costs were kept to an absolute minimum.

East Finchley case:

Mr and Mrs. K Morel purchased a studio apartment in East Finchley in May 2003. The question was if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Comparable premises in East Finchley with a long lease were in the region of £260,000. The average ground rent payable was £50 invoiced quarterly. The lease ran out on 7 February 2098. Having 72 years outstanding we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.