The nearer a domestic lease in Tottenham nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, in excess of one hundred years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should consider extending sooner as opposed to later. Many flat owners in Tottenham will meet the qualifying criteria; nevertheless a conveyancer will be able to advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.
Leasehold premises in Tottenham with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.
| 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. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Tottenham can be a difficult process. We recommend you get guidance from a conveyancer 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 a wealth of experience dealing with Tottenham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Last Christmas Aiden, started to get near to the eighty-year mark with the lease on his two bedroom flat in Tottenham. Having purchased his home twenty years ago, the length of the lease was of little interest. As luck would have it, it dawned on him that he would soon be paying an inflated amount for a lease extension. Aiden extended the lease at the eleventh hour in January. Aiden and the landlord who owned the flat above ultimately settled on a premium of £5,000 . If he not met the deadline, the sum would have gone up by a minimum £1,075.
Mr and Mrs. F Clarke bought a first floor flat in Tottenham in September 2010. The question was if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Similar homes in Tottenham with an extended lease were in the region of £255,000. The average amount of ground rent was £50 collected per annum. The lease elapsed in 2095. Given that there were 70 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £10,500 and £12,000 plus costs.
An example of a Freehold Enfranchisement case 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.