Main reasons to start your Finchley lease extension

Top reasons for lease extension now:

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

As the the remaining lease term of a Finchley residential lease lessens so does its value and therefore the value of your property. Where the residual term has, in excess of 99 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner as opposed to later. Most flat owners in Finchley will qualify for this right; that being said a lawyer can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Finchley with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may not issue a mortgage with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are considered to be insufficient security.

Why use us for your lease extension in Finchley?

Lease extensions in Finchley can be a difficult process. We recommend you secure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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

Finchley Lease Extension Case Studies:

Freddie, Finchley, North London,

Freddie owned a high value apartment in Finchley being sold with a lease of a little over 61 years unexpired. Freddie informally contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Freddie to exercise his statutory right. Freddie procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

Finchley case:

Mr and Mrs. K Petit completed a basement flat in Finchley in April 2001. The question was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar residencies in Finchley with an extended lease were in the region of £300,000. The average amount of ground rent was £50 collected every twelve months. The lease came to a finish in 2101. Considering the 75 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including costs.