Main reasons to start your Tottenham lease extension

Why you should start your Tottenham lease extension today:

A Tottenham lease depreciates with the years remaining on the lease.

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Tottenham can extend the lease for a further 90 years under legislation. Please think carefully before delaying your Tottenham lease extension. Putting off the costs now simply increases the price you will ultimately have to pay to extend the lease.

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

Leasehold residencies in Tottenham with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to lend on a short lease

Banks and building societies are really restricting their approach as regards to homes in Tottenham with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

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

Irrespective of whether you are a tenant or a landlord in Tottenham,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tottenham valuers.

Tottenham Lease Extension Example Cases:

David, Tottenham, North London

Last year David, started to get near to the 80-year threshold with the lease on his ground floor flat in Tottenham. In buying his home two decades ago, the lease term was of little importance. by good luck, he became aware that he would imminently be paying an inflated amount for a lease extension. David was able to extend his lease just under the wire last September. David and the landlord who owned the flat above subsequently settled on a premium of £5,500 . If the lease had gone below eighty years, the price would have gone up by a minimum £1,025.

Tottenham case:

Mrs Freya Evans bought a ground floor flat in Tottenham in August 1997. The question was if we could estimate the price could be to extend the lease by an additional years. Comparative homes in Tottenham with 100 year plus lease were in the region of £264,000. The mid-range amount of ground rent was £60 billed annually. The lease expired on 10 February 2078. Having 53 years left we calculated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 not including professional charges.