Top reasons for Totteridge lease extension

Main reasons to start your Totteridge lease extension today:

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

Totteridge leases on domestic deteriorating in value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then be required to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Totteridge will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In some cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not loan monies with a short lease

Many mortgage companies will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Totteridge property becoming difficult to sell or to obtain finance on.

What makes us experts in Totteridge lease extensions?

Using our service will provide you better control over the value of your Totteridge leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Totteridge Lease Extension Case Summaries:

Shannon, Totteridge, North London,

Subsequent to unsuccessful discussions with the freeholder of her ground floor flat in Totteridge, Shannon initiated the lease extension process just as her lease was approaching the critical eighty-year threshold. The legal work completed in July 2009. The freeholder’s costs were kept to an absolute minimum.

Totteridge case:

Mr C Flores moved into a ground floor flat in Totteridge in April 2012. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Similar properties in Totteridge with an extended lease were worth £267,600. The average ground rent payable was £65 invoiced per annum. The lease terminated in 2093. Given that there were 67 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of legals.