Totteridge leases on domestic deteriorating in value. Where your lease has about ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Leasehold owners in Totteridge will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some situations you may not be entitled. There are also strict timetables and steps to comply with once the process is initiated so it’s sensible to be guided by a lawyer during the process.
Leasehold residencies in Totteridge with in excess of 100 years left on the lease are often regarded as a ‘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 upside in buying the freehold unless savings on ground rent and estate charges merit it.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date 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 |
Lease extensions in Totteridge can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 Totteridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing protracted negotiations with the landlord of her purpose-built flat in Totteridge, Alexandra started the lease extension process as the 80 year threshold was fast coming. The lease extension completed in June 2005. The landlord’s fees were kept to an absolute minimum.
Dr G Howard was assigned a lease of a recently refurbished apartment in Totteridge in October 2010. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparative premises in Totteridge with a long lease were valued about £205,000. The mid-range ground rent payable was £50 collected every twelve months. The lease finished in 2104. Taking into account 79 years outstanding we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.
An example of a Lease Extension matter before the tribunal for a Totteridge property is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The unexpired lease term was 76 years.