Why you should commence your North Finchley lease extension

Main reasons to commence your North Finchley lease extension today:

A North Finchley leasehold property depreciates with the years remaining on the lease.

For anyone whose North Finchley home is held on a long lease, the message is clear – if you ignore the situation, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may not issue a mortgage on a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are deemed to be insufficient for lending purposes.

Why use us for your lease extension in North Finchley?

Lease extensions in North Finchley can be a difficult process. We recommend you procure professional help from a lawyer and valuer 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 procuring North Finchley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

North Finchley Lease Extension Example Cases:

Nathaniel, North Finchley, North London

Last year Nathaniel, started to get near to the 80-year threshold with the lease on his ground floor apartment in North Finchley. Having bought his property two decades ago, the lease term was of no importance. Luckily, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Nathaniel extended the lease just ahead of time last March. Nathaniel and the landlord who owned the flat above eventually agreed on sum of £5,500 . If the lease had dipped to less than 80 years, the amount would have increased by at least £1,150.

North Finchley case:

Mr and Mrs. T Walker owned a basement flat in North Finchley in January 2008. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Comparable premises in North Finchley with 100 year plus lease were in the region of £171,800. The average amount of ground rent was £55 billed every twelve months. The lease elapsed in 2076. Having 50 years outstanding we approximated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 plus costs.