Main reasons to commence your Muswell Hill lease extension

Main reasons to commence your Muswell Hill lease extension today:

Increase your lease and increase your Muswell Hill property value

Muswell Hill leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Muswell Hill residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Muswell Hill you really ought to check if your lease has between 70 and 90 years left. There are good reasons why a Muswell Hill leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not finance a property with a short lease

Mortgage companies do not grant a mortgage on short residential leases. You are likely to encounter problems if you want to sell your flat in Muswell Hill if the remaining term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but in the main theyrequire an unexpired term of at least 65 years.

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

Lease extensions in Muswell Hill can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 procuring 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:

Harvey, Muswell Hill, North London

Last October Harvey, came seriously near to the 80-year threshold with the lease on his purpose- built flat in Muswell Hill. Having bought his property two decades ago, the unexpired term was of little bearing. Luckily, he became aware that he needed to take action soon on a lease extension. Harvey arranged for a lease extension just under the wire in January. Harvey and the freeholder eventually agreed on sum of £5,500 . If the lease had slid to less than 80 years, the amount would have become more costly by at least £950.

Muswell Hill case:

Dr Daniel Davis was assigned a lease of a one bedroom apartment in Muswell Hill in January 2011. The dilemma was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Similar flats in Muswell Hill with a long lease were worth £227,800. The average amount of ground rent was £45 billed annually. The lease ran out on 23 January 2091. Considering the 65 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including fees.