Top reasons for Tottenham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Tottenham property value

Chances are that where you own a flat in Tottenham you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Tottenham with over 100 years remaining 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 situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to loan monies on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years left at the end of the mortgage. Given that a number of flats in Tottenham were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Tottenham lease extensions?

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

Tottenham Lease Extension Example Cases:

Dexter, Tottenham, North London,

Dexter was the the leasehold owner of a 2 bedroom flat in Tottenham being sold with a lease of a few days over 59 years remaining. Dexter informally contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Dexter to exercise his statutory right. Dexter obtained expert advice and secured satisfactory deal without going to tribunal and readily saleable.

Tottenham case:

In 2012 we were phoned by Dr V Smith who, having moved into a basement apartment in Tottenham in April 2004. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparable flats in Tottenham with an extended lease were valued around £260,000. The mid-range ground rent payable was £50 collected yearly. The lease ran out on 2 June 2098. Given that there were 72 years as a residual term we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.