Main reasons to start your Muswell Hill lease extension

Main reasons to commence your Muswell Hill lease extension today:

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

It’s a harsh certainty that a Muswell Hill residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Muswell Hill property market.Once your lease gets to 85ish years, you need to start considering a lease extension. If the number of years remaining drops under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Muswell Hill will be able to extend under the legislation; however a conveyancer should be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your conveyancer throughout the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may not finance a property on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may cause difficulties once you wish to dispose of or refinance your flat as it will be effectively unmortgageable. You may not have an immediate intention to sell but when you do your purchaser must wait 2 years before they can commence the legal procedures for a lease extension.

Why use us for your lease extension in Muswell Hill?

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

Muswell Hill Lease Extension Example Cases:

Hannah, Muswell Hill, North London,

In the wake of 9 months of lengthy discussions with the freeholder of her two bedroom flat in Muswell Hill, Hannah initiated the lease extension process as the eighty year threshold was quickly nearing. The legal work completed in April 2015. The landlord’s charges were restricted to a tad over 700 pounds.

Muswell Hill case:

Dr C Morgan moved into a one bedroom flat in Muswell Hill in May 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Comparative premises in Muswell Hill with a long lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease finished on 20 July 2096. Considering the 71 years unexpired we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.