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Why you should commence your Highbury lease extension


Top reasons for lease extension now:

Increase your lease and increase your Highbury property value

The value of Highbury leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get concerned at around 75 years. This may cause difficulties once you come to market or refinance your property as it will be practically unmortgageable. Even though you might not have an imminent intention to sell but when you do your purchaser must hold off for 2 years before they can start the legal procedures for an extension to the lease.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Highbury?

The conveyancing solicitors that we work with procure Highbury 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 conveyancer we work with provide it.

Highbury Lease Extension Case Studies:

Sophia, Highbury, North London,

Off the back of unsuccessful negotiations with the freeholder of her one bedroom flat in Highbury, Sophia initiated the lease extension process just as the lease was approaching the crucial eighty-year deadline. The lease extension was concluded in February 2010. The freeholder’s charges were kept to an absolute minimum.

Highbury case:

In 2010 we were e-mailed by Dr Kyle Martin who, having bought a first floor apartment in Highbury in August 2007. We are asked if we could estimate the price could be for a ninety year lease extension. Comparative residencies in Highbury with a long lease were worth £285,000. The mid-range ground rent payable was £55 collected annually. The lease ended on 5 April 2104. Having 79 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus expenses.

Decision in Hackney

An example of a Lease Extension case for a Highbury property is Lower Flat 16A Beatty Road in September 2012. The premium payable was £13,577. The terms of the lease has been agreed between the Applicants and the First Respondent and the Tribunal did not seek to disturb that agreement. This case affected 1 flat.