Why you should start your Enfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Enfield property value

On the balance of probabilities where you own a flat in Enfield you actually own a long leasehold interest over your property

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

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders will not lend on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has meant the unexpired lease term required by banks has increased. In the past mortgage companies would lend on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Enfield?

Retaining our service gives you enhanced control over the value of your Enfield leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Enfield Lease Extension Case Studies:

Connor, Enfield, North London,

Connor was the the leasehold proprietor of a 2 bedroom flat in Enfield being sold with a lease of a few days over 59 years unexpired. Connor on an informal basis approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be due on a lease extension were Connor to exercise his statutory right. Connor procured expert advice and was able to make an informed decision and handle with the matter and sell the property.

Enfield case:

In 2012 we were called by Mrs Shannon Alexander who, having owned a purpose-built flat in Enfield in January 1998. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Comparable flats in Enfield with 100 year plus lease were worth £174,200. The mid-range amount of ground rent was £55 invoiced monthly. The lease concluded on 26 June 2077. Given that there were 51 years remaining we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 not including professional charges.