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.

Muswell Hill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Muswell Hill tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Muswell Hill you would be well advised to check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage on a short lease

Lending institutions have set criteria when loaning monies charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term falls under a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are wanting to refinance your Muswell Hill property.

Why use us for your lease extension in Muswell Hill?

The conveyancers that we work with undertake Muswell Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Muswell Hill Lease Extension Example Cases:

Henry, Muswell Hill, North London

Last year Henry, came very close to the eighty-year mark with the lease on his studio apartment in Muswell Hill. Having bought his property two decades ago, the lease term was of minimal interest. Thankfully, it dawned on him that he needed to take steps soon on a lease extension. Henry arranged for a lease extension at the eleventh hour in March. Henry and the freeholder via the management company ultimately agreed on a premium of £6,000 . If he not met the deadline, the sum would have increased by a minimum £850.

Muswell Hill case:

Mr and Mrs. L David acquired a one bedroom apartment in Muswell Hill in March 2001. The question was if we could estimate the premium could be to prolong the lease by ninety years. Comparable homes in Muswell Hill with an extended lease were valued around £225,400. The average amount of ground rent was £45 invoiced annually. The lease lapsed on 4 February 2090. Having 64 years left we approximated the premium to the freeholder to extend the lease to be between £16,200 and £18,600 plus costs.