Why you should start your Finsbury Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Finsbury Park property value

The market value of a leasehold property in Finsbury Park is impacted by how many years the lease has remaining. If it is near to or less than 80 years you should expect problems on re-sale, so it is recommended to arrange for the lease to be extended before buying. Ideally one should start the process of extending the lease is when a lease still has 82 years to run so that all matters can be addressed prior to the 80 year cut off point. Current legislation entitles Finsbury Park qualifying lessees to an additional term of 90 years on top of the remaining term, at a nominal rent (zero ground rent). The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

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

Leasehold residencies in Finsbury Park with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not finance a property on a short lease

What makes us experts in Finsbury Park lease extensions?

Lease extensions in Finsbury Park can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.

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 Case Summaries:

Shannon, Finsbury Park, North London,

Off the back of protracted discussions with the freeholder of her one bedroom flat in Finsbury Park, Shannon started the lease extension process just as the lease was approaching the all-important 80-year threshold. The transaction was finalised in May 2010. The freeholder’s costs were kept to an absolute minimum.

Finsbury Park case:

Last year we were approach by Mr and Mrs. B Bailey , who took over the lease of a recently refurbished apartment in Finsbury Park in August 2007. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Similar properties in Finsbury Park with 100 year plus lease were in the region of £280,000. The average ground rent payable was £45 invoiced quarterly. The lease ran out on 11 October 2096. Given that there were 70 years outstanding we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including professional charges.