Main reasons to start your Upper Holloway lease extension

Why you should commence your Upper Holloway lease extension today:

A Upper Holloway leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Upper Holloway you actually own a long leasehold interest over your property

Upper Holloway 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 unexpired lease term is worth roughly the equivalent 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 decades to come.

Mortgage lenders may not lend with a short lease

Mortgage companies are really clamping down as regards to homes in Upper Holloway with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting the number of potential purchasers.

Get in touch with one of our Upper Holloway lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle Upper Holloway 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 conveyancing solicitor we work with provide it.

Upper Holloway Lease Extension Example Cases:

Theo, Upper Holloway, North London,

Theo owned a high value apartment in Upper Holloway on the market with a lease of a few days over 72 years outstanding. Theo informally contacted his freeholder being a well known London-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Theo to exercise his statutory right. Theo procured expert advice and was able to make an informed judgement and deal with the matter and sell the flat.

Upper Holloway case:

In 2010 we were approached by Mr Reuben Baker who, having bought a garden apartment in Upper Holloway in October 2011. The dilemma was if we could estimate the price could be to prolong the lease by 90 years. Similar residencies in Upper Holloway with 100 year plus lease were worth £198,800. The mid-range amount of ground rent was £55 invoiced monthly. The lease expired in 2081. Considering the 55 years outstanding we estimated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 exclusive of professional charges.

Upper Holloway case:

Last Summer we were phoned by Mr Ryan Peterson , who owned a one bedroom apartment in Upper Holloway in March 2008. The dilemma was if we could estimate the price would likely be to prolong the lease by 90 years. Comparable flats in Upper Holloway with an extended lease were worth £300,000. The mid-range ground rent payable was £50 billed quarterly. The lease ran out in 2101. Considering the 75 years left we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.