Main reasons to commence your North London lease extension

Why you should start your North London lease extension today:

Increase your lease and increase your North London property value

The market value of North London leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to lend with a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties where you want to sell your flat in North London if the unexpired lease term is less than the criteria set by the majority of lenders. Different mortgage companies have varying requirements but on the whole theyrequire an unexpired term of at least 65 years.

What makes us experts in North London lease extensions?

Lease extensions in North London can be a difficult process. We recommend you procure guidance 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 a wealth of experience dealing with North London lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

North London Lease Extension Case Studies:

Liam, North London, London

18 months ago Liam, came critically close to the 80-year threshold with the lease on his studio flat in North London. Having purchased his home 18 years ago, the lease term was of little concern. As luck would have it, he became aware that he needed to take action soon on a lease extension. Liam was able to extend his lease just under the wire in June. Liam and the landlord subsequently agreed on the final figure of £5,500 . If the lease had fallen lower than eighty years, the sum would have escalated by at least £975.

North London case:

In 2014 we were phoned by Mr and Mrs. P Carter who, having bought a one bedroom apartment in North London in February 1996. The question was if we could approximate the price would be to extend the lease by ninety years. Identical residencies in North London with a long lease were worth £275,000. The mid-range amount of ground rent was £45 collected yearly. The lease expired in 2095. Taking into account 69 years outstanding we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus legals.