Stop! Your Lease Extension in Muswell Hill Could Be FREE

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Many leaseholders in Muswell Hill are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Muswell Hill has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Muswell Hill lease extension

Main reasons to start your Muswell Hill lease extension today:

Increase your lease and increase your Muswell Hill property value

There is no doubt about it a leasehold property in Muswell Hill is a wasting asset as a result of the shortening lease. If the residual term has, more than one hundred years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease without delay. Many flat owners in Muswell Hill will qualify for this right; that being said a lawyer will be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Muswell Hill property with a lease extension is almost the same value as a freehold

Leasehold properties in Muswell Hill with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not issue a mortgage on a short lease

The trend since over the last decade has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be charged. This has resulted in the unexpired lease term required by banks has increased. In the past mortgage companies would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Lender Requirement
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Muswell Hill?

Lease extensions in Muswell Hill can be a difficult process. We recommend you get professional help from a lawyer 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 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:

Charlotte, Muswell Hill, North London,

Off the back of lengthy negotiations with the freeholder of her leasehold apartment in Muswell Hill, Charlotte commenced the lease extension process just as her lease was coming close to the crucial 80-year mark. The transaction was concluded in February 2013. The freeholder’s fees were kept to an absolute minimum.

Muswell Hill case:

Mr Finn Anderson acquired a one bedroom apartment in Muswell Hill in August 2000. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Comparable properties in Muswell Hill with 100 year plus lease were valued about £191,000. The average amount of ground rent was £65 billed quarterly. The lease elapsed on 25 November 2084. Considering the 58 years left we estimated the premium to the freeholder to extend the lease to be within £23,800 and £27,400 not including fees.

Decision in Haringey

An example of a Lease Extension decision for a Muswell Hill residence is Flat B 10 Grove Avenue in October 2013. Following a vesting order Clerkenwell and Shoreditch County Court 3rd July 2013 The tribunal determines that the premium payable for the lease extension was £36,215.00 This case affected 1 flat. The number of years remaining on the existing lease(s) was 65.21 years.