Top reasons for North London lease extension

Top reasons for lease extension now:

Increase your lease and increase your North London property value

It’s an underpublicised certainty that a North London residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the North London property prices.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. If the number of years remaining dips below eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in North London will be able to extend under the legislation; however a conveyancer should be able to confirm if you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your conveyancer for the duration of the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not finance a property on a short lease

Most mortgage companies will be unwilling to grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult to obtain a mortgage and this will result in your North London property becoming difficult to sell or to obtain finance on.

What makes us experts in North London lease extensions?

Engaging our service gives you better control over the value of your North London leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

North London Lease Extension Case Summaries:

Amelia, North London, London,

After unsuccessful discussions with the freeholder of her studio apartment in North London, Amelia commenced the lease extension process as the 80 year mark was fast nearing. The transaction completed in February 2014. The freeholder’s charges were negotiated to slightly above 500 pounds.

North London case:

Mr and Mrs. E Morris bought a first floor flat in North London in October 2001. The dilemma was if we could approximate the price could be to prolong the lease by an additional years. Similar homes in North London with an extended lease were worth £200,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease expired on 13 May 2103. Taking into account 77 years outstanding we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.