Stop! Your Lease Extension in Edgware Could Be FREE

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Many leaseholders in Edgware 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 Edgware 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.

Why you should commence your Edgware lease extension

Main reasons to commence your Edgware lease extension today:

A Edgware lease depreciates with the years remaining on the lease.

The market value of Edgware 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 substantially once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

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

Lenders may not issue a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone wishing to buy your property in the future might well do, so in the event that they are unable to get a mortgage, then the financial worth of the property will likely suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Accord Mortgages 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.
Chelsea 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.
Godiva Mortgages 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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

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

Lease extensions in Edgware can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in lease extensions.

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 dealing with Edgware lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Edgware Lease Extension Example Cases:

Dylan, Edgware, North London,

Dylan owned a high value flat in Edgware being marketed with a lease of fraction over 61 years outstanding. Dylan informally contacted his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Dylan to invoke his statutory right. Dylan procured expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.

Edgware case:

Mr and Mrs. S Girard owned a garden apartment in Edgware in June 2001. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by a further 90 years. Comparable flats in Edgware with an extended lease were worth £270,000. The average amount of ground rent was £55 invoiced per annum. The lease ran out on 2 June 2101. Given that there were 75 years left we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.

Decision in Barnet

An example of a Lease Extension case for a Edgware property is Ground Floor Maisonette 17 Milton Road in January 2014. The Tribunal determined the premium payable by the Applicant to the should be £13,299 This case affected 1 flat. The unexpired lease term was 71.73 years.