Why you should commence your Totteridge lease extension

Main reasons to start your Totteridge lease extension today:

Increase your lease and increase your Totteridge property value

With a long leasehold premises in Totteridge, you effectively rent it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than 80 years remaining. Anyone in Totteridge with a lease approaching 81 years unexpired should seriously consider extending it as soon as possible. When a lease has fewer than eighty years left, under the relevant legislation the freeholder can calculate and charge a larger premium, based on a technical calculation, strangely termed as “marriage value” which is payable.

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

Leasehold residencies in Totteridge with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions will not loan monies with a short lease

Almost all banks and building societies will be unwilling to lend on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this will result in your Totteridge property being difficult to dispose of or remortgage.

Get in touch with one of our Totteridge lease extension solicitors or enfranchisement solicitors

Lease extensions in Totteridge can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in this area.

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 procuring Totteridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Totteridge Lease Extension Case Studies:

Elijah, Totteridge, North London,

Elijah owned a studio apartment in Totteridge on the market with a lease of just over 61 years remaining. Elijah on an informal basis spoke with his landlord a well known London-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Elijah to invoke his statutory right. Elijah obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Totteridge case:

Last year we were called by Mrs Jasmine Mason , who acquired a basement flat in Totteridge in April 1999. The dilemma was if we could approximate the price could be to prolong the lease by 90 years. Similar flats in Totteridge with 100 year plus lease were worth £206,200. The mid-range amount of ground rent was £55 invoiced quarterly. The lease expired on 15 February 2082. Given that there were 56 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 plus costs.