Top reasons for Totteridge lease extension

Why you should commence your Totteridge lease extension today:

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

Totteridge residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

Leasehold premises in Totteridge with more than 100 years outstanding on the lease are often 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 upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not issue a mortgage with a short lease

Banks and building societies are really clamping down as regards to homes in Totteridge with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing your market.

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 get professional help from a lawyer and valuer 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 in-depth market knowledge 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 Example Cases:

Felix, Totteridge, North London,

Felix owned a 2 bedroom apartment in Totteridge being marketed with a lease of a little over 72 years outstanding. Felix on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Felix to invoke his statutory right. Felix procured expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Totteridge case:

Last Autumn we were approach by Mrs T Moore , who purchased a purpose-built flat in Totteridge in September 1999. We are asked if we could estimate the premium would be to extend the lease by 90 years. Similar homes in Totteridge with an extended lease were worth £181,600. The average ground rent payable was £55 billed every twelve months. The lease terminated on 25 June 2078. Taking into account 52 years remaining we estimated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 not including costs.