Stop! Your Lease Extension in Hornsey Rise Could Be FREE

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Many leaseholders in Hornsey Rise 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 Hornsey Rise 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.

Why you should commence your Hornsey Rise lease extension

Why you should start your Hornsey Rise lease extension today:

A Hornsey Rise lease depreciates with the years remaining on the lease.

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

Hornsey Rise property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get nervous at around 75 years. This will cause difficulties once you wish to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your purchaser will have to wait 2 years before being able to initiate the legal procedures for a lease extension.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Hornsey Rise lease extensions?

Using our service will provide you enhanced control over the value of your Hornsey Rise leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hornsey Rise Lease Extension Example Cases:

Mollie, Hornsey Rise, North London,

Trailing unsuccessful discussions with the landlord of her two bedroom apartment in Hornsey Rise, Mollie started the lease extension process just as the lease was coming close to the critical 80-year deadline. The lease extension completed in November 2011. The freeholder’s costs were negotiated to less than 600 pounds.

Hornsey Rise case:

In 2013 we were phoned by Dr Laura Howard who, having moved into a garden flat in Hornsey Rise in September 2000. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable premises in Hornsey Rise with a long lease were valued about £280,000. The average amount of ground rent was £45 invoiced per annum. The lease ended on 1 January 2096. Having 70 years remaining we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.

Decision in Haringey

An example of a Freehold Enfranchisement case for a Hornsey Rise property is 51 Lorne Road in November 2009. The price Payable as decided by the tribunal for the freehold reversion was £27,000. The valuation follows the order of the County Court made on 3 April 2008 granting a vesting order. This case affected 1 flat. The unexpired residue of the current lease was 71 years.