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Why you should start your Highgate lease extension

Main reasons to start your Highgate lease extension today:

Increase your lease and increase your Highgate property value

The market value of Highgate leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Highgate with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value 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 estate charges merit it.

Banks and Building Societies may decide not to loan monies on a short lease

Banks and building societies differ in their lending requirements. Some draw the line at seventy five years outstanding on the lease; others may be prepared to lend with anything in excess 70 years. Below 60 years, it may be difficult to obtain a mortgage in the first place.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
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

What makes us experts in Highgate lease extensions?

The conveyancing solicitors that we work with undertake Highgate 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 conveyancing solicitor we work with provide it.

Highgate Lease Extension Case Summaries:

Georgia, Highgate, North London,

After lengthy correspondence with the landlord of her studio apartment in Highgate, Georgia started the lease extension process just as the lease was approaching the critical 80-year deadline. The legal work was concluded in November 2009. The landlord’s fees were kept to an absolute minimum.

Highgate case:

Last Spring we were approach by Mr Archie Martin , who owned a garden apartment in Highgate in January 2012. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Similar flats in Highgate with a long lease were valued about £280,000. The average amount of ground rent was £55 invoiced monthly. The lease terminated on 8 February 2103. Taking into account 78 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including legals.

Decision in Haringey

An example of a Lease Extension decision for a Highgate property is Flat 2A 19 Shepherds Hill in June 2014. The tribunal concluded in accordance with section 48 and schedule 13 of the Leasehold Reform,Housing and Urban Development Act (the 1993 Act) that the premium payable in respect of the grant of a new lease for the Flat be £24,303 (twenty four thousand three hundred and three pounds) This case was in relation to 1 flat. The unexpired term was 67.85 years.