Top reasons for Hornsey lease extension

Top reasons for lease extension now:

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

It’s an underpublicised certainty that a Hornsey residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Hornsey property market.Once your lease nears 85ish years, you need to start considering a lease extension. If the number of years remaining dips under 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of flat owners in Hornsey will be able to extend under the legislation; however a lawyer should be able to confirm whether you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

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

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

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

Banks and building societies do not like short residential leases. You are likely to experience problems where you wish to sell your flat in Hornsey if the remaining lease term is under the criteria set by most banks and building societies. Different lenders have varying requirements but generally they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Hornsey?

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

Hornsey Lease Extension Case Summaries:

Maisie, Hornsey, North London,

Subsequent to protracted negotiations with the freeholder of her ground floor flat in Hornsey, Maisie started the lease extension process as the 80 year threshold was quickly advancing. The legal work was concluded in January 2005. The landlord’s fees were restricted to a tad over 450 GBP.

Hornsey case:

In 2013 we were approached by Dr Charlotte Sánchez who, having was assigned a lease of a newly refurbished flat in Hornsey in October 2001. We are asked if we could approximate the premium would be to extend the lease by 90 years. Comparable residencies in Hornsey with an extended lease were worth £264,000. The mid-range ground rent payable was £60 billed annually. The lease expired in 2079. Having 53 years remaining we calculated the premium to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of professional charges.