Stop! Your Lease Extension in East Finchley Could Be FREE

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Many leaseholders in East Finchley are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in East Finchley has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your East Finchley lease extension

Why you should start your East Finchley lease extension today:

Increase your lease and increase your East Finchley property value

The value of East Finchley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is below than 80 years

East Finchley property with a lease extension is almost the same value as a freehold

Leasehold residencies in East Finchley with in excess of 100 years remaining on the lease are sometimes regarded as a ‘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 upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not grant a mortgage with a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with under seventy years remaining - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your East Finchley property being difficult to sell or remortgage.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in East Finchley?

Irrespective of whether you are a tenant or a freeholder in East Finchley,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with East Finchley valuers.

East Finchley Lease Extension Case Studies:

Amelia, East Finchley, North London,

Off the back of protracted discussions with the freeholder of her leasehold apartment in East Finchley, Amelia started the lease extension process just as the lease was nearing the crucial 80-year deadline. The transaction was finalised in August 2015. The freeholder’s charges were negotiated to a tad over 450 GBP.

East Finchley case:

Dr Archie King bought a studio flat in East Finchley in September 1996. We are asked if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical premises in East Finchley with 100 year plus lease were worth £265,000. The mid-range ground rent payable was £50 collected monthly. The lease ended on 2 September 2099. Considering the 73 years remaining we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.

Decision in Barnet

An example of a Lease Extension decision for a East Finchley property is Ground Floor 110 Station Road in June 2013. The Tribunal found that the premium payable for a lease extension should be £31,665. This case related to 1 flat. The number of years remaining on the existing lease(s) was 56.65 years.