Top reasons for Tottenham lease extension

Why you should start your Tottenham lease extension today:

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

The re-sale value of a leasehold property in Tottenham depends on how long the lease has remaining. If it is near to or fewer than eighty years you should envisage difficulties on re-sale, so it is recommended to arrange for the lease to be extended prior to buying. It is preferable to start the lease extension process when the lease still has 82 years unexpired so that all matters can be addressed prior to the eighty year threshold. Statute enables Tottenham qualifying lessees to a ninety year extension added to their remaining lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may not issue a mortgage 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 may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your only 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

Lease extensions in Tottenham can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 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.

Tottenham Lease Extension Case Summaries:

Stephanie, Tottenham, North London,

Following unsuccessful negotiations with the freeholder of her studio apartment in Tottenham, Stephanie started the lease extension process just as the lease was approaching the all-important 80-year mark. The lease extension was finalised in June 2010. The landlord’s fees were kept to an absolute minimum.

Tottenham case:

In 2012 we were called by Mrs M Morris who, having purchased a garden flat in Tottenham in November 2005. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in Tottenham with 100 year plus lease were valued around £245,000. The mid-range amount of ground rent was £50 invoiced annually. The lease ended in 2094. Given that there were 68 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.