Muswell Hill leases on domestic properties are gradually losing value. if your lease has approximately ninety years remaining, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the current lease dips under eighty years - otherwise a higher premium will be payable. Flat owners in Muswell Hill will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In some cases you may not qualify. There are prescribed deadlines and formalities to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.
Leasehold premises in Muswell Hill with more than one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
Using our service will provide you enhanced control over the value of your Muswell Hill leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Alexander was the the leasehold proprietor of a studio apartment in Muswell Hill on the market with a lease of a little over 61 years unexpired. Alexander on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Alexander to exercise his statutory right. Alexander obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.
Last November we were phoned by Ms U Ali , who purchased a purpose-built apartment in Muswell Hill in October 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparative premises in Muswell Hill with a long lease were valued about £173,800. The mid-range ground rent payable was £60 billed quarterly. The lease concluded in 2080. Taking into account 55 years left we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus professional charges.
An example of a Lease Extension case for a Muswell Hill property is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case affected 1 flat. The unexpired term as at the valuation date was 65.21 years.