Main reasons to start your Finsbury Park lease extension

Main reasons to commence your Finsbury Park lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Finsbury Park may extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please think carefully before delaying your Finsbury Park lease extension. Shelving the costs now simply escalates the amount you will ultimately have to pay to extend the lease.

Finsbury Park property with a lease extension is almost the same value as a freehold

Leasehold properties in Finsbury Park with over one hundred 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 home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may not issue a mortgage on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as insufficient for lending purposes.

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

Irrespective of whether you are a tenant or a freeholder in Finsbury Park,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Finsbury Park valuers.

Finsbury Park Lease Extension Case Studies:

Mollie, Finsbury Park, North London,

Subsequent to unsuccessful discussions with the landlord of her two bedroom apartment in Finsbury Park, Mollie commenced the lease extension process just as her lease was approaching the crucial 80-year threshold. The transaction was concluded in October 2006. The freeholder’s charges were kept to an absolute minimum.

Finsbury Park case:

Mrs T Norbert was assigned a lease of a ground floor flat in Finsbury Park in February 2011. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Similar premises in Finsbury Park with a long lease were in the region of £260,200. The average amount of ground rent was £65 invoiced annually. The lease expiry date was in 2092. Considering the 66 years remaining we approximated the premium to the freeholder for the lease extension to be between £16,200 and £18,600 exclusive of legals.