Why you should commence your Totteridge lease extension

Main reasons to 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 diminished so does its value and therefore the value of your property. If the lease has, more than 100 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary logic behind why you should extend the lease sooner rather than later. Most flat owners in Totteridge will meet the qualifying criteria; nevertheless a conveyancing solicitor should be able to advise if you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Totteridge property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not issue a mortgage with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Considering many flats in Totteridge were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Totteridge?

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

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.

Totteridge Lease Extension Example Cases:

Ollie, Totteridge, North London,

Ollie owned a high value apartment in Totteridge on the market with a lease of a few days over fifty eight years remaining. Ollie on an informal basis approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Ollie to invoke his statutory right. Ollie procured expert advice and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Totteridge case:

In 2010 we were contacted by Dr D Cooper who, having purchased a garden flat in Totteridge in August 1999. The dilemma was if we could estimate the premium would be to extend the lease by ninety years. Comparative flats in Totteridge with an extended lease were in the region of £295,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease finished on 13 March 2101. Considering the 75 years unexpired we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.