Main reasons to start your Muswell Hill lease extension

Main reasons to commence your Muswell Hill lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Muswell Hill. Clearly, the period of lease left shortens as time goes by. This may pass by relatively unnoticed when the flat or house has to be sold or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Muswell Hill have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. Please give due attention before putting off your Muswell Hill lease extension. Holding off the cost now only increases the price you will ultimately have to pay for a lease extension

An extended lease has roughly the same value as a freehold

Leasehold residencies in Muswell Hill with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders will not grant a mortgage on a short lease

Banks and building societies are distinct in their lending criteria. Some draw the line at seventy five years outstanding on the lease; others may be happy with anything over seventy years. With less than sixty years, it may be impossible to obtain a mortgage in the first place.

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

Retaining our service will provide you better control over the value of your Muswell Hill leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Muswell Hill Lease Extension Case Summaries:

Mason, Muswell Hill, North London,

Mason owned a conversion apartment in Muswell Hill being marketed with a lease of a few days over fifty eight years outstanding. Mason on an informal basis approached his freeholder 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 a new rent at the outset set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Mason to exercise his statutory right. Mason obtained expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Muswell Hill case:

Mrs A Young completed a ground floor apartment in Muswell Hill in July 2008. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Comparative residencies in Muswell Hill with a long lease were valued about £245,000. The average ground rent payable was £50 collected per annum. The lease expired in 2094. Given that there were 68 years left we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.