Top reasons for Enfield lease extension

Main reasons to commence your Enfield lease extension today:

A Enfield leasehold property depreciates with the years remaining on the lease.

With a domestic leasehold premises in Enfield, you effectively rent it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are fewer than eighty years left. Residents in Enfield with a lease approaching 81 years unexpired should seriously think of extending it sooner than later. Once a lease has below eighty years left, under the current legislation the freeholder can calculate and demand a larger premium, based on a technical multiplication, strangely termed as “marriage value” which is payable.

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

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

Banks and Building Societies may decide not to loan monies on a short lease

Lending institutions have set criteria when lending monies charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term goes lower than a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than 75 years as acceptable security. As well as this being important when selling, it is also relevant if you are wanting to remortgage your Enfield home.

What makes us experts in Enfield lease extensions?

The lawyers that we work with procure Enfield 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 conveyancing solicitor we work with provide it.

Enfield Lease Extension Case Studies:

Naomi, Enfield, North London,

Trailing protracted negotiations with the landlord of her ground floor flat in Enfield, Naomi initiated the lease extension process as the 80 year deadline was swiftly advancing. The legal work completed in June 2010. The landlord’s costs were negotiated to under 650 GBP.

Enfield case:

Ms Phoebe Jackson was assigned a lease of a one bedroom apartment in Enfield in June 1997. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Comparable premises in Enfield with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease ended on 26 September 2096. Considering the 70 years remaining we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.