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Main reasons to commence your Hornsey lease extension

Why you should commence your Hornsey lease extension today:

Increase your lease and increase your Hornsey property value

On the balance of probabilities where you own a flat in Hornsey you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Hornsey with over 100 years left 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 to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to finance a property with a short lease

Mortgage companies are really restricting their approach as regards to homes in Hornsey with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the number of prospective buyers.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea 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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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.

Get in touch with one of our Hornsey lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Hornsey,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hornsey valuers.

Hornsey Lease Extension Case Summaries:

Ollie, Hornsey, North London

In recent months Ollie, came precariously close to the eighty-year mark with the lease on his two bedroom apartment in Hornsey. In buying his property 19 years ago, the length of the lease was of minimal relevance. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Ollie extended the lease just under the wire in April. Ollie and the landlord who owned the flat above in the end settled on sum of £5,000 . If he had missed the deadline, the premium would have escalated by a minimum £950.

Hornsey case:

Last month we were e-mailed by Mr and Mrs. G Hill , who bought a studio flat in Hornsey in July 2010. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Identical homes in Hornsey with a long lease were valued about £255,000. The average ground rent payable was £50 invoiced per annum. The lease lapsed in 2096. Considering the 71 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.

Decision in Haringey

An example of a Freehold Enfranchisement matter before the tribunal for a Hornsey flat is 7 Aubrey Road in December 2010. By an order of the county court on 15/12/2009 the freehold interest inthe Property known as 7 Aubrey Road London N8 9HH (the Property) and registered at HM Land Registry under title number MX439124 was vested in the applicants. The Tribunal calculated that the total enfranchisement premium, assessed in accordance with Schedule 6 to the Act, was £54,633. This case was in relation to 3 flats. The unexpired term was 73.27 years.