Local authority blocks in Enfield

Enfield Lease Extension

Linz Darlington | April 2024

At Homehold we are committed to making your lase extension simple. That is why we oversee your lease extension process from start to finish. We do this hand in hand with our in-house firm of solicitors, Leasehold Legal Services, who complete the legal aspect of the process. We utilise the Leasehold Reform Housing and Urban Development Act 1993, which gives flat owners the right to extend their lease by 90 years and reduce their ground rent to zero.

It does not matter if your flat is in a converted house or in purpose-built blocks, or where in the borough your flat is – from Palmers Green to Winchmore Hill to New Southgate, we’ve got you covered! Our expertise goes far beyond just the Borough of Enfield to England and Wales as a whole.

Enfield is the most northern Borough of London. It runs from Cockfosters in the West to Ponders End in the East, Crews Hill in the North and Arnos Grove in the South. We have done lease extensions across the borough, many with Enfield Council.

Who can extend their lease in Enfield?

Flats where the freeholder is Enfield council will most certainly be eligible for lease extension. Owners of flats with Private freeholders are not left out, as in most cases they can also extend their lease.

The two main exceptions are as follows. The first is if you owned your flat for less than two years. The second is if your flat is part of a shared ownership scheme: in this case you would have to wait until you have bought a hundred percent of your flat.

How much does a lease extension cost?

The cost of your lease extension depends largely on three factors:

  • The market value of your flat at the point at which you start your lease extension claim
  • The amount you pay as ground rent, how much it increases by and the frequency of the increase,
  • The length of your lease, as at the time you decide to do a lease extension.  

Enfield council flats were often leased from the 1980s on a 125-year lease and an £10 annual ground rent.  Therefore, extending the leases on these types of flats is inexpensive, compared with flats with short leases or high ground rents.

However, flats in privately owned blocks frequently cost more. They are often either leased on shorter lease lengths or have high ground rent, sometimes both.

For example, we recently did a lease extension in on a flat in a converted Victorian House in Edmonton, where the lease had dropped just below 80 years and where the premium was nearly £20,000.

The value of your flat will also have an impact on how much you will pay for a lease extension. At the time of writing this article, the average value of a flat in Enfield according to Rightmove, is £535,135. For example, we recently valued a flat a post-war block near Enfield Lock station which has a value of about £320,000, while we valued a flat in Enfield Island Village for about £300,000. Across the borough the value varies, with everything from location, construction type and access to outdoor space affecting value.

However, if you just want to get an idea of what your lease extension would cost you, you can input a rough estimate of your flat value in our lease extension calculator or you can book a consultation with a member of our team to get a better idea.

What’s the process?

Homehold offers a fixed fee end-to-end process for your lease extension. We handle everything from the valuation of your flat, which is done by our in-house valuers to the legal parts. These are handled by our subsidiary law firm, Leasehold Legal Services authorised and regulated by the Solicitors Regulation Authority.

Stage 1: Preparation and Valuation

The solicitors in our subsidiary law firm will do a review of the legal documents and paperwork that relates to your flat. This includes your lease, title plan and title register.

After the in initial review has been completed, the solicitors will brief the valuation team, who will then use a variety of data to ascertain the value your property.

Stage 2: Notice Serving and Negotiation

This stage of the lease extension process would be started by our solicitors drafting and serving your freeholder with a Section 42 Notice.

The Section 42 Notice informs your freeholder that you are claiming your right to a statutory lease extension while making an initial offer of what you are prepared to pay.

After the notice has been served, your freeholder has two months to get back to us with a counteroffer of what they want to charge for the lease extension.

It is common that they will not agree to our initial offer and our valuation team will work with your freeholder’s valuer and negotiate a fair price.

Stage 3: Conveyancing and Completion.

Once the price has ben agreed on, our in-house lease extension solicitors will review the documents prepared by the freeholder’s legal team.

Our solicitors will check that all that has been negotiated is included in the new lease. Especially that it extends your lease by 90 years and reduces your ground rent to a peppercorn (£0)

What does Homehold charge?

Our service from start to finish costs £2,400+VAT.

This includes any incidental costs such as Land Registry fees.

Why use Homehold for your lease extension?

We will look after your lease extension from start to finish – making sure we keep you update every step of the way.

We’re committed to negotiating a fair premium and making the process as smooth as possible.

Hear it from another flat owner in Enfield

I'm very grateful to Linz, Jaime, Dale and all the team for getting me successfully through the leasehold extension process. They made a complex and daunting process much simpler, and I always felt in very safe hands throughout. There are few if any other companies providing the service they provide, and I am so glad I found them! I would thoroughly recommend Homehold to anyone looking to extend t

Matthew Davis

Start your lease extension in Enfield today

Article author photo

Linz is the CEO and co-founder of Homehold. He’s always looking at how we can improve our service and better support you through the lease extension process. If you have any questions about your lease he’d be delighted to help.

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Book a time at your convenience to talk about your lease extension.