Stop! Your Lease Extension in Tottenham Could Be FREE

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Many leaseholders in Tottenham are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Tottenham has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Tottenham lease extension

Main reasons to commence your Tottenham lease extension today:

Increase your lease and increase your Tottenham property value

The value of Tottenham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the remaining term is less than eighty years

Tottenham property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately 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 decades to come.

Lending institutions may not finance a property with a short lease

The propensity since over the last decade has been for lenders to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Lender Requirement
Accord Mortgages 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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary

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

Lease extensions in Tottenham can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in lease extensions.

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 Tottenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tottenham Lease Extension Example Cases:

Madeleine, Tottenham, North London,

Subsequent to lengthy discussions with the freeholder of her purpose-built apartment in Tottenham, Madeleine started the lease extension process as the eighty year deadline was fast coming. The legal work was finalised in October 2008. The freeholder’s charges were kept to an absolute minimum.

Tottenham case:

Mr and Mrs. K Lewis moved into a first floor apartment in Tottenham in May 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative flats in Tottenham with 100 year plus lease were in the region of £265,000. The average amount of ground rent was £50 collected every twelve months. The lease ran out on 27 April 2099. Having 73 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.

Decision in Haringey

An example of a Freehold Enfranchisement matter before the tribunal for a Tottenham flat is 30 Strode Road in June 2013. Following a vesting order by Edmonton County Court on 20th February 2013 the Tribunal arrived at a valuation for enfranchisement of £10,256 for the premises (£4,074 for the Ground Floor Flat and £6182 for the First Floor Flat) and £100 for the appurtenant land. This case affected 2 flats. The number of years remaining on the existing lease(s) was 83.33 and 77.3.