Top reasons for Tottenham lease extension

Main reasons to start your Tottenham lease extension today:

Increase your lease and increase your Tottenham property value

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

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should be conscious that it is likely that someone intending to purchase your property in the future might well do, so in the event that they are not able to get a mortgage, then the financial worth of your property will likely be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Tottenham lease extensions?

The lawyers that we work with undertake Tottenham 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 conveyancing solicitor we work with provide it.

Tottenham Lease Extension Example Cases:

Rory, Tottenham, North London,

Rory was the the leasehold owner of a high value flat in Tottenham being sold with a lease of a little over 61 years remaining. Rory on an informal basis approached his landlord a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Rory to exercise his statutory right. Rory procured expert legal guidance and secured an acceptable resolution without going to tribunal and ending up with a market value flat.

Tottenham case:

In 2013 we were approached by Dr I Roux who, having completed a garden apartment in Tottenham in July 1995. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Tottenham with 100 year plus lease were worth £227,800. The mid-range amount of ground rent was £45 collected per annum. The lease ended in 2091. Given that there were 65 years remaining we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of fees.