Top reasons for Highbury lease extension

Why you should start your Highbury lease extension today:

Increase your lease and increase your Highbury property value

For those whose Highbury home is held on a long lease, our message is clear – if you ignore the situation, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension.

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

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders will not lend on a short lease

Lenders are inclined not grant a mortgage on short residential leases. You are likely to experience problems where you wish to sell your flat in Highbury if the unexpired lease term is under the criteria set by most mortgage companies. Different lenders have different requirements but generally they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Highbury lease extensions?

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

Highbury Lease Extension Example Cases:

Callum, Highbury, North London

14 months ago Callum, came dangerously near to the 80-year mark with the lease on his one bedroom apartment in Highbury. Having bought his flat two decades ago, the length of the lease was of minimal bearing. Thankfully, he noticed he would imminently be paying an inflated amount for a lease extension. Callum arranged for a lease extension just ahead of time last March. Callum and the freeholder ultimately settled on sum of £5,000 . If the lease had slipped lower than eighty years, the premium would have become more costly by at least £900.

Highbury case:

In 2013 we were e-mailed by Mr and Mrs. J Bernard who, having bought a ground floor flat in Highbury in August 1999. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative flats in Highbury with an extended lease were worth £220,400. The mid-range ground rent payable was £45 invoiced yearly. The lease lapsed in 2090. Having 64 years left we estimated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 not including costs.