Why you should commence your Muswell Hill lease extension

Why you should commence your Muswell Hill lease extension today:

A Muswell Hill lease depreciates with the years remaining on the lease.

Unfortunately that a Muswell Hill residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Muswell Hill property market.Where your lease has approximately ninety years left, you should 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 slips below 80 years - otherwise a higher premium will be due. Most leasehold owners in Muswell Hill will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage with a short lease

Banks and Building Societies have set criteria when lending monies charged on leasehold property. Many will simply not lend at all once the remaining lease term drops under a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Muswell Hill home.

What makes us experts in Muswell Hill lease extensions?

Lease extensions in Muswell Hill can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Muswell Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Muswell Hill Lease Extension Example Cases:

Blake, Muswell Hill, North London

Last Spring Blake, came very close to the eighty-year threshold with the lease on his basement flat in Muswell Hill. Having purchased his home 18 years ago, the length of the lease was of no bearing. Luckily, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Blake was able to extend his lease at the eleventh hour in August. Blake and the landlord in the end settled on the final figure of £5,500 . If the lease had dipped to less than eighty years, the premium would have increased by a minimum £850.

Muswell Hill case:

Dr Alicia Nelson purchased a newly refurbished flat in Muswell Hill in January 2011. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Similar flats in Muswell Hill with a long lease were valued around £275,000. The mid-range ground rent payable was £55 billed yearly. The lease end date was in 2102. Having 76 years remaining we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.