Stop! Your Lease Extension in North London Could Be FREE

Get a Free Case Review
Many leaseholders in North London are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in North London has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for North London lease extension

Why you should commence your North London lease extension today:

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

On the balance of probabilities if 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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not lend with a short lease

Banks and building societies are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years left once the mortgage has expired. As plenty of flats in North London were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in North London?

The conveyancers that we work with handle North London lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

North London Lease Extension Example Cases:

Leah, North London, London,

After lengthy negotiations with the landlord of her basement apartment in North London, Leah commenced the lease extension process as the 80 year threshold was rapidly coming. The lease extension completed in August 2008. The freeholder’s charges were kept to an absolute minimum.

North London case:

In 2014 we were contacted by Mr and Mrs. H Fournier who, having purchased a first floor flat in North London in November 2012. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparative premises in North London with an extended lease were worth £250,400. The mid-range ground rent payable was £65 billed yearly. The lease elapsed on 2 July 2090. Taking into account 64 years unexpired we estimated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 plus legals.

Decision in Hounslow

An example of a Freehold Enfranchisement matter before the tribunal for a North London flat is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case related to 1 flat. The unexpired lease term was 73.26 years.