Top reasons for Finchley lease extension

Why you should commence your Finchley lease extension today:

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

Finchley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Finchley residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Finchley you must check if your lease has between seventy and ninety years remaining. There are good reasons why a Finchley flat owner with a lease having around 80 years remaining should take steps to make sure that a lease extension is put in place without delay

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

Leasehold properties in Finchley with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Most banks and building societies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is probable that someone wanting to buy your property in the future might well do, so where they can't get a mortgage, then the value of the property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Finchley lease extensions?

Retaining our service will provide you better control over the value of your Finchley leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Finchley Lease Extension Example Cases:

Milo, Finchley, North London

Half a year ago Milo, started to get close to the 80-year mark with the lease on his studio flat in Finchley. Having bought his flat 19 years previously, the length of the lease was of minimal importance. As luck would have it, he realised he would imminently be paying way over the odds for a lease extension. Milo was able to extend his lease just under the wire in January. Milo and the freeholder via the managing agents ultimately agreed on an amount of £5,500 . If he had missed the deadline, the price would have escalated by at least £1,000.

Finchley case:

Dr Adam Simon purchased a purpose-built apartment in Finchley in September 2000. The question was if we could approximate the premium would be for a ninety year extension to my lease. Comparative properties in Finchley with a long lease were worth £174,200. The mid-range amount of ground rent was £55 collected quarterly. The lease termination date was on 14 May 2077. Given that there were 51 years unexpired we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus fees.