Why you should start your Tottenham lease extension

Top reasons for lease extension now:

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

Tottenham leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Tottenham enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Tottenham you really ought to see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

It is generally accepted that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to issue a mortgage on a short lease

Banks and building societies are tightening their criteria and many now expect flats to have at least sixty if not seventy years left at the expiry of the mortgage. Considering a number of flats in Tottenham were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Tottenham lease extensions?

Regardless of whether you are a tenant or a landlord in Tottenham,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tottenham valuers.

Tottenham Lease Extension Case Studies:

Chantelle, Tottenham, North London,

After protracted negotiations with the landlord of her leasehold flat in Tottenham, Chantelle started the lease extension process just as her lease was approaching the crucial 80-year deadline. The legal work was concluded in June 2015. The landlord’s charges were restricted to about 500 GBP.

Tottenham case:

In 2014 we were called by Mr and Mrs. U Reed who, having acquired a one bedroom flat in Tottenham in September 1999. The dilemma was if we could estimate the price would be for a ninety year extension to my lease. Comparative residencies in Tottenham with a long lease were valued about £200,800. The average amount of ground rent was £65 collected monthly. The lease finished in 2086. Considering the 60 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 exclusive of expenses.