Top reasons for North London lease extension

Why you should start your North London lease extension today:

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

As the the remaining lease term of a North London residential lease lessens so does its value and therefore the value of your property. Where the lease has, in excess of 99 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Most flat owners in North London will qualify for this right; however a lawyer can advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

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

Why use us for your lease extension in North London?

Engaging our service will provide you better control over the value of your North London leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

North London Lease Extension Example Cases:

Jayden, North London, London,

Jayden was the the leasehold owner of a high value flat in North London on the market with a lease of a few days over 72 years outstanding. Jayden on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Jayden to invoke his statutory right. Jayden procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

North London case:

In 2014 we were e-mailed by Mr Kai Bennett who, having owned a one bedroom flat in North London in November 1997. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Identical residencies in North London with a long lease were in the region of £166,800. The average ground rent payable was £50 invoiced yearly. The lease ended in 2076. Given that there were 50 years outstanding we estimated the premium to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of fees.