Top reasons for Hornsey lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hornsey property value

As the the remaining lease term of a Hornsey residential lease lessens so does its value and therefore the value of your property. Where the lease has, beyond 125 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than eighty years remaining 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 main logic behind why you should consider extending without delay. Most flat owners in Hornsey will meet the qualifying criteria; however a conveyancer can advise whether you qualify for a lease extension. 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

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.

Lenders may decide not to grant a mortgage on a short lease

Almost all mortgage companies will not grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A buyer will undoubtedly find it difficult in obtaining a mortgage and this will result in your Hornsey property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Hornsey?

Regardless of whether you are a tenant or a freeholder in Hornsey,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hornsey valuers.

Hornsey Lease Extension Case Summaries:

Kirsty, Hornsey, North London,

Following unsuccessful discussions with the freeholder of her leasehold apartment in Hornsey, Kirsty started the lease extension process just as her lease was coming close to the critical eighty-year threshold. The lease extension was concluded in July 2008. The freeholder’s fees were negotiated to less than 700 pounds.

Hornsey case:

Dr Freddie Wood owned a recently refurbished flat in Hornsey in September 1998. The question was if we could estimate the premium would likely be for a 90 year lease extension. Comparative flats in Hornsey with an extended lease were valued around £183,600. The average amount of ground rent was £65 billed monthly. The lease concluded on 25 January 2083. Given that there were 57 years unexpired we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus expenses.