Top reasons for Haringey lease extension

Why you should start your Haringey lease extension today:

A Haringey lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Haringey. Inevitably, the term of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the property has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Haringey have the legal entitlement to extend the lease for a further 90 years under statute. Please give careful attention before putting off your Haringey lease extension. Holding off that expense now simply increases the price you will ultimately incur to extend your lease

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

Leasehold properties in Haringey with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not lend on a short lease

What makes us experts in Haringey lease extensions?

Lease extensions in Haringey can be a difficult process. We recommend you obtain 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 Haringey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Haringey Lease Extension Example Cases:

Chelsea, Haringey, North London,

Trailing unsuccessful negotiations with the freeholder of her first floor apartment in Haringey, Chelsea commenced the lease extension process just as her lease was coming close to the critical 80-year mark. The transaction was finalised in April 2009. The landlord’s costs were restricted to a tad over 550 GBP.

Haringey case:

Last year we were contacted by Dr Leon Lee , who owned a newly refurbished apartment in Haringey in October 2010. The question was if we could estimate the premium would likely be to extend the lease by 90 years. Comparable homes in Haringey with a long lease were in the region of £250,000. The average ground rent payable was £50 invoiced every twelve months. The lease elapsed on 28 September 2094. Considering the 68 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £10,500 and £12,000 not including expenses.