Main reasons to commence your Muswell Hill lease extension

Why you should start your Muswell Hill lease extension today:

Increase your lease and increase your Muswell Hill property value

The value of Muswell Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is less than 80 years

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

It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not lend with a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Muswell Hill property being difficult to dispose of or to obtain finance on.

Get in touch with one of our Muswell Hill lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Muswell Hill,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Muswell Hill valuers.

Muswell Hill Lease Extension Example Cases:

Kai, Muswell Hill, North London

Last year Kai, came seriously near to the eighty-year mark with the lease on his two bedroom flat in Muswell Hill. Having purchased his home 18 years previously, the lease term was of little relevance. Fortunately, he realised he needed to take steps soon on a lease extension. Kai was able to extend his lease at the eleventh hour last January. Kai and the freeholder via the managing agents ultimately agreed on sum of £5,500 . If the lease had dipped to less than 80 years, the figure would have gone up by a minimum £975.

Muswell Hill case:

Mr Michael King acquired a one bedroom flat in Muswell Hill in March 2005. The question was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical properties in Muswell Hill with a long lease were worth £173,800. The average amount of ground rent was £60 billed monthly. The lease terminated in 2079. Given that there were 55 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of costs.