Top reasons for Hornsey lease extension

Why you should start your Hornsey lease extension today:

Increase your lease and increase your Hornsey property value

Hornsey leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Hornsey tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Hornsey you would be well advised to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

Hornsey property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not loan monies with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should be mindful that it is likely that someone wanting to acquire your property in the future might well do, so where they can't get a mortgage, then the market price of the property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Hornsey?

Engaging our service gives you increased control over the value of your Hornsey leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hornsey Lease Extension Example Cases:

Erin, Hornsey, North London,

After unsuccessful negotiations with the landlord of her purpose-built apartment in Hornsey, Erin commenced the lease extension process as the eighty year threshold was quickly coming. The lease extension was finalised in June 2015. The landlord’s charges were restricted to less than 450 pounds.

Hornsey case:

In 2012 we were called by Mr Ryan Phillips who, having was assigned a lease of a one bedroom flat in Hornsey in March 2007. The question was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparable properties in Hornsey with a long lease were in the region of £208,200. The average amount of ground rent was £65 invoiced quarterly. The lease lapsed on 22 June 2087. Taking into account 61 years unexpired we approximated the premium to the landlord for the lease extension to be within £20,000 and £23,000 not including expenses.