Main reasons to start 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 remaining term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Muswell Hill with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to lend with a short lease

The trend since over the last decade has been for banks to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past mortgage companies would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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

The conveyancers that we work with handle Muswell Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Muswell Hill Lease Extension Case Summaries:

Georgia, Muswell Hill, North London,

Off the back of lengthy discussions with the freeholder of her studio flat in Muswell Hill, Georgia initiated the lease extension process as the 80 year threshold was quickly approaching. The legal work was finalised in July 2010. The landlord’s charges were restricted to approximately 600 pounds.

Muswell Hill case:

Mr and Mrs. Y Davis completed a studio apartment in Muswell Hill in October 2010. The question was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Identical flats in Muswell Hill with 100 year plus lease were valued around £260,000. The mid-range ground rent payable was £50 billed yearly. The lease ended in 2098. Having 72 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.