Why you should commence your North London lease extension

Main reasons to commence your North London lease extension today:

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

On the balance of probabilities where you own a flat in North London you actually own a long leasehold interest over your property

North London property with a lease extension is almost the same value as a freehold

Leasehold residencies in North London with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders may decide not to issue a mortgage with a short lease

What makes us experts in North London lease extensions?

Lease extensions in North London can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 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 Example Cases:

Alice, North London, London,

Off the back of protracted discussions with the freeholder of her leasehold flat in North London, Alice commenced the lease extension process just as her lease was nearing the all-important eighty-year threshold. The lease extension completed in July 2009. The landlord’s charges were negotiated to under 500 pounds.

North London case:

In 2009 we were e-mailed by Mr and Mrs. O Nguyen who, having completed a one bedroom flat in North London in March 2012. The question was if we could approximate the price would be to prolong the lease by 90 years. Comparable premises in North London with a long lease were worth £216,000. The average amount of ground rent was £60 invoiced every twelve months. The lease finished in 2084. Taking into account 58 years left we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of expenses.