The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Muswell Hill may extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. Please think carefully before delaying your Muswell Hill lease extension. Shelving the costs now simply escalates the price you will ultimately have to pay for a lease extension.
It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.
| 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. |
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Muswell Hill can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 in-depth market knowledge 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.
Two years ago Cameron, came dangerously near to the eighty-year threshold with the lease on his two bedroom flat in Muswell Hill. In buying his property 19 years ago, the lease term was of no significance. by good luck, he realised he would soon be paying way over the odds for Extending the lease. Cameron was able to extend his lease just under the wire last March. Cameron and the freeholder in the end settled on the final figure of £6,000 . If the lease had dropped to less than eighty years, the premium would have become more exhorbitant by a minimum £1,075.
Last Winter we were approach by Ms Amy Díaz , who owned a purpose-built apartment in Muswell Hill in September 2012. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Similar premises in Muswell Hill with an extended lease were valued around £242,600. The average amount of ground rent was £45 collected per annum. The lease ran out on 21 July 2092. Considering the 67 years remaining we approximated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 plus fees.
An example of a Lease Extension matter before the tribunal 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 related to 1 flat. The unexpired lease term was 65.21 years.