Why you should start your Hornsey Rise lease extension

Main reasons to start your Hornsey Rise lease extension today:

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

For those whose Hornsey Rise home is held on a long lease, the message is clear – if you do nothing, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to finance a property on a short lease

The propensity since 2008 has been for lenders to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. In the past banks would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Get in touch with one of our Hornsey Rise lease extension solicitors or enfranchisement solicitors

Lease extensions in Hornsey Rise can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Hornsey Rise lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hornsey Rise Lease Extension Example Cases:

Alex, Hornsey Rise, North London

In recent months Alex, came critically close to the 80-year mark with the lease on his purpose- built flat in Hornsey Rise. In buying his property 18 years previously, the lease term was of little interest. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Alex extended the lease at the eleventh hour in March. Alex and the freeholder eventually agreed on an amount of £6,000 . If the lease had slid below eighty years, the amount would have escalated by at least £975.

Hornsey Rise case:

Last Winter we were phoned by Dr V Lefebvre , who purchased a purpose-built flat in Hornsey Rise in August 2007. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparable residencies in Hornsey Rise with a long lease were worth £174,200. The average amount of ground rent was £55 billed quarterly. The lease finished in 2077. Given that there were 51 years left we estimated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus legals.