Top reasons for 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.

Finsbury Park leases on residential properties are gradually diminishing 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. It is the case that most Finsbury Park tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Finsbury Park you should see if your lease has between seventy and ninety years remaining. There are compelling reasons why a Finsbury Park leaseholder with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lenders may not lend on a short lease

Banks and building societies are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years left at the end of the mortgage. Given that plenty of flats in Finsbury Park were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

Get in touch with one of our Finsbury Park lease extension solicitors or enfranchisement solicitors

Lease extensions in Finsbury Park can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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 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:

Aimee, Finsbury Park, North London,

Following protracted discussions with the freeholder of her one bedroom apartment in Finsbury Park, Aimee initiated the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The transaction was finalised in June 2011. The freeholder’s fees were kept to an absolute minimum.

Finsbury Park case:

Mrs L Edwards took over the lease of a one bedroom apartment in Finsbury Park in January 2010. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Similar homes in Finsbury Park with a long lease were valued about £243,000. The average ground rent payable was £65 invoiced yearly. The lease terminated on 1 April 2087. Given that there were 63 years unexpired we estimated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 plus expenses.