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Why you should start your Finsbury Park lease extension


Why you should start your Finsbury Park lease extension today:

A Finsbury Park lease depreciates with the years remaining on the lease.

Unfortunately that a Finsbury Park residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Finsbury Park property market.Once your lease gets to 85ish years, you should start thinking about a lease extension. If the number of years remaining slips under eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Finsbury Park will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Finsbury Park with in excess of 100 years unexpired on the lease are often 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 to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not lend with a short lease

Banks and building societies vary in their lending criteria. Some draw the line at seventy five years outstanding on the lease; others may be content with anything with more than seventy years. With less than sixty years, it may be impossible to obtain a mortgage in the first place.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary



Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.

Why use us for your lease extension in Finsbury Park?

Lease extensions in Finsbury Park can be a difficult process. We recommend you procure 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 in-depth market knowledge dealing with Finsbury Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Finsbury Park Lease Extension Example Cases:

Dylan, Finsbury Park, North London

Two years ago Dylan, started to get near to the 80-year mark with the lease on his purpose- built apartment in Finsbury Park. Having purchased his flat two decades ago, the lease term was of little concern. Luckily, he recognised he needed to take steps soon on a lease extension. Dylan extended the lease just in the nick of time last July. Dylan and the freeholder via the managing agents ultimately settled on a premium of £5,500 . If the lease had slid lower than eighty years, the premium would have increased by at least £1,125.

Finsbury Park case:

Mrs Bethany Allen completed a basement apartment in Finsbury Park in August 1995. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Finsbury Park with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £65 collected quarterly. The lease lapsed in 2089. Taking into account 68 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.

Decision in Haringey

An example of a Freehold Enfranchisement matter before the tribunal for a Finsbury Park flat is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case was in relation to 1 flat. The unexpired lease term was 71 years.