Main reasons to commence your Friern Barnet lease extension

Why you should start your Friern Barnet lease extension today:

A Friern Barnet lease depreciates with the years remaining on the lease.

When it comes to long leasehold property in Friern Barnet, you are actually buying an entitlement to reside in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater particularly when there are fewer than 80 years remaining. Residents in Friern Barnet with a lease drawing near to 81 years left should seriously consider extending it without delay. Once a lease has under eighty years remaining, under the current Act the freeholder can calculate and levy a larger premium, based on a technical computation, strangely termed as “marriage value” which is payable.

Friern Barnet property with a lease extension has roughly the same value as a freehold

Leasehold properties in Friern Barnet with over 100 years left on the lease are sometimes 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 buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to lend with a short lease

Get in touch with one of our Friern Barnet lease extension solicitors or enfranchisement solicitors

Lease extensions in Friern Barnet can be a difficult process. We recommend you secure guidance from a conveyancer 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 procuring Friern Barnet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Friern Barnet Lease Extension Case Summaries:

Max, Friern Barnet, North London

In 2014 Max, started to get near to the eighty-year threshold with the lease on his two bedroom flat in Friern Barnet. In buying his home two decades ago, the unexpired term was of no bearing. by good luck, he noticed he would imminently be paying an escalated premium for a lease extension. Max extended the lease at the eleventh hour last March. Max and the landlord who owned the flat above eventually settled on an amount of £5,500 . If he had missed the deadline, the sum would have escalated by a minimum £875.

Friern Barnet case:

In 2012 we were approached by Mr L Murphy who, having purchased a first floor flat in Friern Barnet in April 2000. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Identical homes in Friern Barnet with an extended lease were worth £227,800. The average ground rent payable was £45 collected monthly. The lease elapsed on 19 October 2091. Considering the 65 years outstanding we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of expenses.