Stop! Your Lease Extension in Potters Bar Could Be FREE

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Many leaseholders in Potters Bar 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 Potters Bar 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 Potters Bar lease extension

Top reasons for lease extension now:

A Potters Bar lease depreciates with the years remaining on the lease.

Chances are that if you own a flat in Potters Bar you actually own a long leasehold interest over your property

Potters Bar property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions will not grant a mortgage on a short lease

Banks and building societies differ in their lending criteria. Some draw the line at 75 years remaining on the lease; others may be willing to lend with anything over seventy years. Below 60 years, it may be impossible to get a mortgage in the first place.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Potters Bar lease extensions?

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

Potters Bar Lease Extension Case Summaries:

Samantha, Potters Bar, Hertfordshire,

Off the back of protracted correspondence with the freeholder of her ground floor flat in Potters Bar, Samantha commenced the lease extension process as the 80 year mark was fast approaching. The transaction was concluded in March 2007. The landlord’s charges were negotiated to approximately 550 pounds.

Potters Bar case:

In 2013 we were approached by Dr P Bertrand who, having owned a garden flat in Potters Bar in June 2000. We are asked if we could approximate the price would be for a ninety year lease extension. Comparable flats in Potters Bar with an extended lease were in the region of £189,000. The average ground rent payable was £55 billed per annum. The lease finished in 2079. Having 53 years left we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including professional charges.

Decision in Barnet

An example of a Lease Extension decision for a Potters Bar property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case affected 1 flat. The number of years remaining on the existing lease(s) was 76 years.