Haringey Lease Extensions

Life in Haringey:

The London Borough of Haringey is a primarily residential area, defined by its multicultural flair and expanses of green space, including Finsbury Park, Highgate Wood and Queen’s Wood.

The housing options here are impressive, combining Victorian villas, neat rows of terrace houses, 20th-century urban properties and grand Georgian homes.

If you are a resident of Haringey, particularly in a flat or maisonette, there’s a chance your property requires a lease extension.

Keep reading to learn more about the procedure in your area and how The Lease Extension Company can help you achieve excellent outcomes.

• Population: The population of Haringey increased by 3.6%, from around 254,900 in 2011 to 264,200 in 2021, ranking 18 out of all London boroughs in terms of total population.
• Housing: The average overall price of accommodation in Haringey is £771,826. However, most sales in the last year were flats, selling for an average price of £498,560 (Rightmove).
• Districts in Haringey: Alexandra Park, Bounds Green, Bowe Park, Crouch End, Duckett’s Green, Finsbury Park, Fortis Green, Harringay, Highgate, Hornsey, Muswell Hill, Noel Park, Northumberland Park, South Tottenham, Stroud Green, Tottenham Hale, Tottenham, West Green, Wood Green.
• Local Authority: The local authority of Haringey is Haringey Council.

Lease Extension Regulations in Haringey

Leaseholders in Haringey have a statutory right to extend their lease by an additional 90 years.

There are generally two pathways to acquiring a lease extension: informal (voluntary) route and formal (statutory) route. The statutory route is recommended if you have owned your property for at least two years because it offers significant legal protection.

Haringey Council’s ‘Extending Your Lease’ guidance encourages residents to proceed with a formal lease extension as defined in the Leasehold Reform, Housing and Urban Development Act 1993.

The Lease Extension Company has executed many successful statutory lease extensions in and around London, evidenced by our case studies.

We can provide a professional surveyor and experienced legal guidance to ensure the smoothest procedure, the cheapest premium and the fairest lease terms for your property.

The Lease Extension Process

See below for an overview of the statutory lease extension procedure.

Although this outline can look overwhelming, our team will support you throughout the process.

• Eligibility Check
• Valuation
• Serving the Section 42 Notice
• Receipt of the Section 45 Counter Offer
• Negotiation
• Agreement of Terms
• Registration of your new lease
• Potential Involvement of the Courts

Please explore our detailed ‘How Long Will My Lease Take?’ article for more information about each step.

Serving the Section 42 Tenant’s Notice

Before your Section 42 notice is drafted 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’ 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’s imperative that it’s correctly drafted and validated to ensure your lease extension is deemed valid.

At The Lease Extension Company, we work with specialist legal firms in this niche area of law, ensuring that your notice is drafted and reviewed by leading experts in this field. The Section 42 notice will be sent to you for approval before it is forwarded to the solicitors who will serve the notice to the Freeholder on your behalf.

Explore the main freeholders in Haringey below.

Key Freeholders in Haringey

Haringey Council is the most prominent freeholder in Haringey.

However, exciting new shared-ownership housing developments are also appearing in the area as part of the Haringey Heartlands regeneration project. Clarendon, managed by L&Q, is one of these sites. In this case, L&Q may act as your competent landlord.

Please be mindful that a shared ownership leaseholder only qualifies for the statutory right to extend their lease if they have ‘staircased’ up to 100% ownership.

Other freeholders you have the option of contacting are Solitaire Holdings and Management and Chime Properties.

Finding your Freeholder

The details of your freeholder are laid out in your original lease. If you do not have your lease document, you can request a copy from the HM Land Registry for a small fee. As a LEC client, we can arrange this on your behalf.

How Much Will Your Lease Extension Cost?

Before tackling a lease extension, it’s helpful to weigh up the potential costs involved.

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 to obtain 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.

If you’re curious about your expenses, use our helpful Lease Extension Calculator to estimate your premium.

About The Lease Extension Company’s Fixed Fee Service

At The Lease Extension Company, we take a simple, straightforward approach to this problematic area of property law.

We will develop a detailed plan covering all stages, legal requirements and your expected costs which we combine into one transparent fixed fee so you know what to expect from the get-go.

You’ll also receive the professional guidance of an experienced surveyor and solicitor to ensure you’re not paying a penny more for your premium than necessary.

Initiate Your Lease Extension in Haringey Today.

We’d love to hear from you if you want to start your lease extension in Haringey.

Get a quote or arrange a free consultation with our team of experts by filling out our handy online form, calling us on 0800 098 2770 or emailing [email protected].