Why you should start your Hornsey lease extension

Top reasons for lease extension now:

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

The market value of Hornsey leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage on a short lease

Banks and building societies are really restricting their approach as regards to properties in Hornsey with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing your market.

What makes us experts in Hornsey lease extensions?

Using our service gives you increased control over the value of your Hornsey leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hornsey Lease Extension Example Cases:

Alfie, Hornsey, North London,

Alfie was the the leasehold owner of a conversion apartment in Hornsey being sold with a lease of a few days over sixty years left. Alfie on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Alfie to invoke his statutory right. Alfie obtained expert advice and secured an acceptable resolution informally and sell the property.

Hornsey case:

Last Spring we were approach by Dr Stanley Edwards , who acquired a first floor flat in Hornsey in April 1998. The question was if we could approximate the price could be to prolong the lease by a further 90 years. Similar flats in Hornsey with 100 year plus lease were valued about £285,000. The mid-range ground rent payable was £55 billed quarterly. The lease expired on 1 June 2106. Considering the 80 years unexpired we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.