Stop! Your Lease Extension in Finchley Could Be FREE

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Many leaseholders in Finchley 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 Finchley 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 start your Finchley lease extension

Main reasons to start your Finchley lease extension today:

Increase your lease and increase your Finchley property value

The value of Finchley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Finchley with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to grant a mortgage on a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Finchley property becoming difficult to dispose of or refinance.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Finchley lease extensions?

Lease extensions in Finchley can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 in-depth market knowledge 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 Example Cases:

Arthur, Finchley, North London,

Arthur owned a high value apartment in Finchley being marketed with a lease of just over fifty eight years left. Arthur informally contacted his freeholder being a well known Manchester-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 on the basis of a rise in the rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Arthur to invoke his statutory right. Arthur procured expert advice and secured satisfactory resolution informally and readily saleable.

Finchley case:

Last Spring we were e-mailed by Mr and Mrs. Y Anderson , who took over the lease of a one bedroom flat in Finchley in April 2007. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Identical homes in Finchley with an extended lease were valued about £265,200. The mid-range ground rent payable was £65 billed yearly. The lease ran out in 2092. Taking into account 66 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 not including legals.

Decision in Barnet

An example of a Lease Extension decision for a Finchley flat is Ground Floor 110 Station Road in June 2013. The Tribunal found that the premium payable for a lease extension should be £31,665. This case affected 1 flat. The unexpired term was 56.65 years.