Top reasons for Totteridge lease extension

Main reasons to commence your Totteridge lease extension today:

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

Chances are that if you own a flat in Totteridge you actually own a long leasehold interest over your property

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

Leasehold premises in Totteridge with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lenders will not issue a mortgage with a short lease

The trend since 2008 has been for banks to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Totteridge?

Retaining our service will provide you better 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 decide to sell. The conveyancing solicitors 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:

Ryan, Totteridge, North London,

Ryan owned a 2 bedroom apartment in Totteridge on the market with a lease of a few days over 59 years unexpired. Ryan informally spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared 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 Ryan to invoke his statutory right. Ryan procured expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Totteridge case:

Mr and Mrs. W Sánchez moved into a basement apartment in Totteridge in May 2005. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical premises in Totteridge with 100 year plus lease were valued about £200,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease lapsed on 8 June 2102. Taking into account 77 years outstanding we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of costs.