Main reasons to start your New Barnet lease extension

Why you should start your New Barnet lease extension today:

A New Barnet lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in New Barnet. Clearly, the length of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the flat or house needs to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Qualifying leaseholders in New Barnet have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give careful attention before putting off your New Barnet lease extension. Putting off the cost now likely increases the price you will eventually incur for a lease extension

An extended lease is almost the same value as a freehold

Leasehold residencies in New Barnet with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not issue a mortgage with a short lease

Lending institutions have specific criteria when lending funds secured on leasehold property. Some will simply refuse lend at all once an unexpired lease term drops below a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are intending to refinance your New Barnet home.

Why use us for your lease extension in New Barnet?

Lease extensions in New Barnet can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with New Barnet lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

New Barnet Lease Extension Example Cases:

Mia, New Barnet, Hertfordshire,

In the wake of 6 months of lengthy negotiations with the freeholder of her leasehold apartment in New Barnet, Mia commenced the lease extension process just as the lease was nearing the all-important eighty-year deadline. The legal work completed in March 2012. The freeholder’s costs were kept to an absolute minimum.

New Barnet case:

In 2011 we were contacted by Mr and Mrs. I Adams who, having purchased a ground floor flat in New Barnet in February 1996. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Identical residencies in New Barnet with 100 year plus lease were valued around £265,000. The average ground rent payable was £55 collected every twelve months. The lease elapsed on 14 March 2100. Having 74 years unexpired we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.