Why you should commence your Muswell Hill lease extension

Main reasons to start your Muswell Hill lease extension today:

Increase your lease and increase your Muswell Hill property value

Unfortunately that a Muswell Hill residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Muswell Hill property market.Once your lease nears 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips below 80 years - otherwise a higher amount will be payable. Most leasehold owners in Muswell Hill will be able to extend under the legislation; however a lawyer will be able to confirm whether you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

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

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not issue a mortgage with a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Muswell Hill property becoming difficult to sell or remortgage.

What makes us experts in Muswell Hill lease extensions?

Retaining our service will provide you increased control over the value of your Muswell Hill leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Muswell Hill Lease Extension Example Cases:

Sam, Muswell Hill, North London,

Sam was the the leasehold proprietor of a conversion apartment in Muswell Hill on the market with a lease of a little over 59 years unexpired. Sam informally contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Sam to exercise his statutory right. Sam obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Muswell Hill case:

Mr and Mrs. Y Adams was assigned a lease of a one bedroom flat in Muswell Hill in July 2001. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparative residencies in Muswell Hill with 100 year plus lease were in the region of £285,000. The mid-range amount of ground rent was £55 billed per annum. The lease finished on 10 August 2106. Taking into account 80 years outstanding we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus costs.