Main reasons to start your Haringey lease extension

Main reasons to commence your Haringey lease extension today:

Increase your lease and increase your Haringey property value

The nearer a residential lease in Haringey gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, in excess of 99 years remaining then this decrease may be fractional however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner as opposed to later. Most flat owners in Haringey will qualify for this right; that being said a conveyancing solicitor can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Haringey with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to grant a mortgage on a short lease

Mortgage companies will not lend on short residential leases. You are likely to encounter problems where you need to sell your flat in Haringey if the unexpired term of your lease is below the criteria set by most lenders. Different mortgage companies have different requirements but in the main they are looking for a minimum remaining lease term of seventy years.

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

Using our service gives you enhanced control over the value of your Haringey leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Haringey Lease Extension Case Studies:

Kirsty, Haringey, North London,

In the wake of 6 months of protracted correspondence with the landlord of her basement flat in Haringey, Kirsty initiated the lease extension process as the eighty year deadline was rapidly approaching. The transaction was concluded in September 2012. The landlord’s costs were kept to an absolute minimum.

Haringey case:

In 2013 we were approached by Dr Owen Nguyen who, having was assigned a lease of a ground floor apartment in Haringey in March 2002. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Identical flats in Haringey with 100 year plus lease were worth £290,000. The average ground rent payable was £60 invoiced annually. The lease expired on 25 November 2106. Having 80 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus legals.