Why you should commence your Muswell Hill lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The 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. Inevitably, the term of lease left shortens as time goes by. This is often ignored and only becomes a problem when the flat or house has to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Muswell Hill have the right to extend the lease for a further 90 years in accordance with legislation. Do give careful attention before putting off your Muswell Hill lease extension. Holding off that expense now only increases the price you will ultimately incur for a lease extension

Muswell Hill property with a lease extension has roughly the same value as a freehold

Leasehold properties in Muswell Hill with over 100 years outstanding 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 upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions will not loan monies on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will cause difficulties once you wish to sell or remortgage your property as it will be practically unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer must wait 2 years before being able to commence the legal procedures for a lease extension.

Why use us for your lease extension in Muswell Hill?

Lease extensions in Muswell Hill can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 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:

Grace, Muswell Hill, North London,

Subsequent to protracted discussions with the landlord of her first floor flat in Muswell Hill, Grace started the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The transaction completed in July 2006. The freeholder’s charges were restricted to slightly above 600 pounds.

Muswell Hill case:

Last Christmas we were e-mailed by Dr Isobel Stewart , who moved into a garden apartment in Muswell Hill in October 1999. The question was if we could approximate the premium could be for a 90 year lease extension. Comparable premises in Muswell Hill with 100 year plus lease were valued about £254,200. The mid-range ground rent payable was £60 collected every twelve months. The lease elapsed on 5 November 2076. Taking into account 51 years left we estimated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 plus professional charges.