Main reasons to start your Potters Bar lease extension

Top reasons for lease extension now:

Increase your lease and increase your Potters Bar property value

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 is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may not finance a property on a short lease

Nearly all banks and building societies will not lend on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Potters Bar property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Potters Bar lease extensions?

Regardless of whether you are a tenant or a freeholder in Potters Bar,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Potters Bar valuers.

Potters Bar Lease Extension Case Summaries:

Jamie, Potters Bar, Hertfordshire

Last October Jamie, started to get close to the 80-year mark with the lease on his leasehold flat in Potters Bar. Having bought his home twenty years ago, the unexpired term was of no relevance. Thankfully, he recognised he needed to take action soon on Extending the lease. Jamie arranged for a lease extension just under the wire last March. Jamie and the freeholder in the end settled on the final figure of £5,000 . If he had missed the deadline, the amount would have escalated by a minimum £1,150.

Potters Bar case:

In 2011 we were phoned by Mrs T White who, having took over the lease of a basement apartment in Potters Bar in November 2010. The question was if we could approximate the price could be to extend the lease by ninety years. Similar flats in Potters Bar with an extended lease were worth £200,000. The mid-range ground rent payable was £50 collected per annum. The lease came to a finish in 2103. Considering the 77 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.