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.

Main reasons to commence your Potters Bar lease extension

Why you should commence your Potters Bar lease extension today:

A Potters Bar leasehold property 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

An extended lease has roughly the same value as a freehold

Leasehold properties in Potters Bar with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not loan monies on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are regarded as inadequate security.

Lender Requirement
Bank of Scotland
Godiva Mortgages
Skipton Building Society
The Mortgage Works
Royal Bank of Scotland

Why use us for your lease extension in Potters Bar?

The lawyers that we work with procure Potters Bar 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.

Potters Bar Lease Extension Case Studies:

Nicole, Potters Bar, Hertfordshire,

Off the back of lengthy correspondence with the freeholder of her one bedroom apartment in Potters Bar, Nicole started the lease extension process as the 80 year threshold was rapidly nearing. The legal work was finalised in July 2008. The landlord’s fees were kept to an absolute minimum.

Potters Bar case:

Last Autumn we were contacted by Mr and Mrs. W Ricardo , who completed a newly refurbished apartment in Potters Bar in October 1996. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Identical properties in Potters Bar with a long lease were worth £240,600. The mid-range amount of ground rent was £60 invoiced annually. The lease came to a finish in 2088. Given that there were 62 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 plus legals.

Decision in Barnet

An example of a Lease Extension decision for a Potters Bar residence 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 related to 1 flat. The remaining number of years on the lease was 76 years.