Top reasons for Highgate lease extension

Main reasons to commence your Highgate lease extension today:

Increase your lease and increase your Highgate property value

Highgate leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Highgate enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Highgate you would be well advised to check if your lease has between seventy and ninety years remaining. There are good reasons why a Highgate flat owner with a lease having around 80 years unexpired should take action to make sure that a lease extension is effected without delay

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

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to loan monies on a short lease

Mortgage companies are really restricting their approach as regards to properties in Highgate with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

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

Regardless of whether you are a tenant or a landlord in Highgate,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Highgate valuers.

Highgate Lease Extension Case Summaries:

Michael, Highgate, North London

Last October Michael, started to get close to the 80-year threshold with the lease on his first floor apartment in Highgate. In buying his flat 19 years previously, the length of the lease was of no importance. Thankfully, he realised he needed to take action soon on Extending the lease. Michael arranged for a lease extension just in the nick of time last July. Michael and the freeholder via the management company in the end settled on sum of £6,000 . If he had missed the deadline, the amount would have become more exhorbitant by at least £1,050.

Highgate case:

Mrs Katherine Phillips purchased a one bedroom flat in Highgate in June 2006. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Similar flats in Highgate with 100 year plus lease were valued about £166,400. The average amount of ground rent was £60 collected yearly. The lease elapsed on 12 June 2080. Considering the 54 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 not including professional charges.