Barnet Lease Extensions

Life in The London Borough of Barnet:

The London Borough of Barnet is a prime location on the outskirts of North London. It’s made up of an impressive blend of urban and green landscapes, boasting 19 parks, 32,000 trees and an array of nature reserves.

Barnet also has a rich historical background. It was the site of the Battle of Barnet in 1471, fought during the War of the Roses. Famous writers like Samuel Pepys and Charles Dickens have also frequented the area during their lifetime.

Nowadays, Barnet is ideally situated between two major sporting venues, Wembley Stadium and the Lord’s Cricket Ground, which host some of the most in-demand events in the capital.

• Population: Originally a series of historic settlements, Barnet only became an official borough in 1965. It now has a reputation for being an affluent, multicultural area with a population of 389,300 (2021).
• Neighbourhoods in Barnet: Arkley, Chipping Barnet, Cockfosters, Cricklewood, East Barnet, Edgware, Finchley, Friern Barnet, Golders Green, Hampstead Garden Suburb, Hendon, Mill Hill, Monken Hadley, New Barnet, Oakleigh Park, Totteridge.
• Local Authority: The local authority of Barnet is Barnet London Borough Council.

Lease Extension Regulations in Barnet

If you own a flat in a Barnet neighbourhood, you can extend your lease by an additional 90 years.

This procedure can be carried out formally or informally. However, the statutory (formal) route will offer valuable legal protection if you have owned your property for at least two years.

Typically, councils opt for the statutory route because of the regulated procedure. This appears to be the case with Barnet London Borough Council.

Barnet Homes, owned by the council, is a main freeholder in the area and advises leaseholders to pursue the statutory route outlined in the Leasehold Reform, Housing and Urban Development Act 1993.

This information is available on their website’s “Your Lease” page.

The council also states that Harrow and Barnet Legal Services will carry out the legal procedure on their behalf.

We recommend seeking advice from our surveyors and solicitors to achieve the best results. Our team have tackled numerous lease extensions and is experienced in this sometimes daunting area of property law.

We will serve all necessary notices and negotiate your property’s cheapest premium and fairest lease terms.

For evidence of the results we’ve achieved for our previous clients, please view our fantastic array of case studies.

The Lease Extension Process

See below for a step-by-step outline of the lease extension process.

• Eligibility Check
• The Initial Consultation
• Determine which path to choose: the statutory (legally protected) or the informal (direct) route.

The Stages of the Statutory (Legally Protected) Route:

• Valuation
• Serving of the Section 42 Notice
• Receipt of the Section 45 Counter Offer
• Negotiation
• Agreement of Terms
• Potential Involvement of the Courts

If you would like further information, please read our helpful ‘How Long Will My Lease Take?’ article.

Serving the Section 42 Tenant’s Notice

Before your Section 42 notice is draft one of our firms of specialist chartered surveyors will undertake the valuation of your property for the purpose of the lease extension and identify the likely ‘premium’ (the price of your lease extension) you will pay your freeholder.

Identifying Your Competent Landlord

Our specialist solicitors will also identify the competent landlord is the landlord whose interest in the property is long enough to grant your 90-year lease extension.

Sometimes, this will be the direct landlord or housing management to whom you pay your service charge or ground rent. However, the competent landlord is often the freeholder of the building.

The Leasehold Reform Housing and Urban Development Act 1993 requires leaseholders to serve a Tenant's Notice (Section 42 notice) on the ‘competent landlord’.

The Section 42 notice commences the lease extension and must include certain key legal information. This is a technical legal notice, and it is imperative that it is correctly drafted and validated to ensure your lease extension is deemed valid.

At The Lease Extension Company, by working with the leading specialist legal firms in this very niche area of law we can ensure your notice is drafted and reviewed by the leading experts in this field of law before it is sent for your approval ahead of the solicitors serving Section 42 notice on your behalf to the Freeholder.

Key Freeholders in Barnet:

The most prominent freeholder in Barnet is The Barnet London Borough Council.

The council runs the housing service Barnet Homes, which manages and maintains 5,000 council homes, including 3,900 leasehold properties.

In this scenario, either Barnet London Borough Council or Barnet Homes may act as your competent landlord to whom you must serve the notice.

Finding your Freeholder

When you purchased the property, you should have received a lease document containing all the necessary details, including information about your freeholder.

How Much Will Your Lease Extension Cost?

Understandably, most people will want to know how much their lease extension will cost before investing.

Whilst the cost of each procedure is different, we can share that lease extension premiums are based on the following:

• The value of your property.
• The amount of ground rent you pay and how much it increases over time.
• The number of years remaining on your lease.

Costs can also depend on the route you take to acquire your lease extension.

• Informal Lease Extensions: Costs are determined and agreed upon directly with your freeholder.
• Statutory Lease Extensions: You are responsible for the valuation and legal costs of both you and your freeholder, plus the premium for the additional years on your lease.

To help gauge your costs, we have developed a useful Lease Extension Calculator to estimate your premium.

About Our Simple Fixed Fee Service

The Lease Extension Company aims to transform the typical lease extension process by making it as clear and transparent as possible.

Our approach involves developing a detailed plan covering all stages, legal requirements, and expected costs.

To provide peace of mind, all costs are consolidated into a straightforward fixed fee, giving you a clear understanding of what to expect from the beginning.

You’ll also receive the professional guidance of an experienced surveyor and solicitor who will guide you through the process, ensuring you do not pay more than necessary for your lease extension premium.

Get a Quote for Your Barnet Lease Extension Today.

Did you know that your lease is a depreciating asset? To preserve your property’s value and possibly add value in the process, consider extending your lease with us today.

Arrange a free consultation with The Lease Extension Company by completing our convenient online form, calling us on 0800 098 2770 or emailing [email protected].