Main reasons to commence your Friern Barnet lease extension

Main reasons to commence your Friern Barnet lease extension today:

Increase your lease and increase your Friern Barnet property value

The re-sale value of a leasehold property in Friern Barnet depends on how many years the lease has remaining. If it is close to or fewer than 80 years you should envisage problems on re-sale, so it is advisable to arrange for the lease to be extended before purchasing. Ideally one should start the lease extension process when the lease still has 82 years to run so that formalities can be finalised in advance of the eighty year threshold. Current legislation entitles Friern Barnet qualifying lessees to obtain a lease extension of ninety years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

Friern Barnet property with a lease extension is almost the same value as a freehold

Leasehold properties in Friern Barnet with in excess of 100 years remaining on the lease are often referred to as ‘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 merit it.

Mortgage lenders may not loan monies with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This will be problematic when you wish to sell or refinance your flat as it will be practically unmortgageable. Even though you might have no imminent desire to sell but when you do your buyer must wait two years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Friern Barnet?

The lawyers that we work with handle Friern Barnet lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Friern Barnet Lease Extension Case Summaries:

Morgan, Friern Barnet, North London,

Trailing protracted correspondence with the freeholder of her ground floor flat in Friern Barnet, Morgan commenced the lease extension process as the eighty year mark was rapidly advancing. The transaction was concluded in January 2005. The freeholder’s fees were kept to an absolute minimum.

Friern Barnet case:

Last Autumn we were e-mailed by Dr Lucy Richardson , who took over the lease of a studio apartment in Friern Barnet in May 1996. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparative premises in Friern Barnet with 100 year plus lease were valued about £250,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease ended in 2095. Taking into account 69 years outstanding we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus expenses.