Top reasons for Muswell Hill lease extension

Top reasons for lease extension now:

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

The market value of Muswell Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the unexpired lease term is less than eighty years

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

Leasehold properties in Muswell Hill with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value 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.

Lenders may not grant a mortgage with a short lease

Why use us for your lease extension in Muswell Hill?

Lease extensions in Muswell Hill can be a difficult process. We recommend you obtain professional help from a conveyancer 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 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 Case Studies:

Elizabeth, Muswell Hill, North London,

Trailing lengthy discussions with the landlord of her purpose-built apartment in Muswell Hill, Elizabeth started the lease extension process as the 80 year deadline was quickly advancing. The legal work was finalised in August 2010. The landlord’s charges were kept to an absolute minimum.

Muswell Hill case:

Last month we were contacted by Mr and Mrs. M Mercier , who was assigned a lease of a basement flat in Muswell Hill in May 2003. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in Muswell Hill with an extended lease were worth £200,800. The average ground rent payable was £65 billed quarterly. The lease terminated in 2086. Considering the 60 years as a residual term we estimated the premium to the landlord to extend the lease to be between £20,900 and £24,200 not including costs.