Main reasons to start your Hornsey Rise lease extension

Why you should start your Hornsey Rise lease extension today:

Increase your lease and increase your Hornsey Rise property value

As the length of the unexpired term of a Hornsey Rise residential lease decreases so does its value and therefore the value of your property. If the residual term has, over 100 years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending without delay. Many flat owners in Hornsey Rise will meet the qualifying criteria; nevertheless a conveyancer will be able to advise if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to grant a mortgage on a short lease

Almost all banks and building societies will not grant a mortgage on a lease with less than 70 years remaining - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Hornsey Rise property being difficult to sell or refinance.

What makes us experts in Hornsey Rise lease extensions?

Retaining our service will provide you increased control over the value of your Hornsey Rise leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hornsey Rise Lease Extension Example Cases:

Joshua, Hornsey Rise, North London,

Joshua owned a high value apartment in Hornsey Rise on the market with a lease of a little over 61 years remaining. Joshua informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be due on a lease extension were Joshua to invoke his statutory right. Joshua obtained expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.

Hornsey Rise case:

In 2012 we were approached by Mr U Evans who, having completed a purpose-built apartment in Hornsey Rise in May 1996. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparative homes in Hornsey Rise with a long lease were valued about £248,000. The average amount of ground rent was £65 billed annually. The lease concluded in 2089. Taking into account 63 years left we estimated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of fees.