Top reasons for Hornsey lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hornsey property value

The closer a residential lease in Hornsey nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, over 99 years remaining then this decrease may be fractional however there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner than later. Most flat owners in Hornsey will qualify for this right; however a lawyer can advise whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

Leasehold premises in Hornsey with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not loan monies with a short lease

Banks and Building Societies have set criteria when lending monies charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term goes below a specified unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Hornsey property.

Why use us for your lease extension in Hornsey?

Lease extensions in Hornsey can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 a wealth of experience procuring Hornsey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hornsey Lease Extension Case Studies:

Arthur, Hornsey, North London,

Arthur was the the leasehold owner of a high value apartment in Hornsey being marketed with a lease of just over 59 years remaining. Arthur informally approached his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Arthur to exercise his statutory right. Arthur procured expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.

Hornsey case:

Mr and Mrs. B Wright bought a purpose-built flat in Hornsey in March 2009. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Hornsey with an extended lease were worth £250,000. The mid-range ground rent payable was £50 invoiced yearly. The lease concluded on 17 January 2095. Taking into account 69 years unexpired we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.