Top reasons for Totteridge lease extension

Why you should commence your Totteridge lease extension today:

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

As the length of the unexpired term of a Totteridge domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, beyond 125 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner as opposed to later. Many flat owners in Totteridge will qualify for this right; that being said a lawyer can advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not finance a property on a short lease

Banks and building societies are distinct in their lending requirements. Some draw the line at 75 years outstanding on the lease; others may be prepared to lend with anything over seventy years. With less than sixty years, it may be impossible to get a mortgage in the first place.

What makes us experts in Totteridge lease extensions?

Using our service will provide you increased control over the value of your Totteridge leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Totteridge Lease Extension Example Cases:

Reuben, Totteridge, North London,

Reuben was the the leasehold proprietor of a conversion apartment in Totteridge being marketed with a lease of fraction over fifty eight years unexpired. Reuben informally spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Reuben to exercise his statutory right. Reuben obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the flat.

Totteridge case:

Last Christmas we were approach by Dr K Rogers , who completed a one bedroom apartment in Totteridge in February 2010. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Similar properties in Totteridge with a long lease were valued about £243,000. The average ground rent payable was £65 billed every twelve months. The lease elapsed on 13 June 2089. Taking into account 63 years left we approximated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 not including professional charges.