Main reasons to commence your Tufnell Park lease extension

Why you should commence your Tufnell Park lease extension today:

A Tufnell Park leasehold property depreciates with the years remaining on the lease.

Unfortunately that a Tufnell Park residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Tufnell Park property prices.Where your lease has approximately 90 years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher premium will be payable. Most leasehold owners in Tufnell Park will be able to extend under the legislation; however a conveyancer should be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your lawyer for the duration of the formalities.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

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

Mortgage companies do not like short residential leases. You most probably encounter difficulties where you wish to sell your flat in Tufnell Park if the unexpired term of your lease is under the criteria set by most lenders. Different lenders have different criteria but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Tufnell Park?

Lease extensions in Tufnell Park can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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 a wealth of experience dealing with Tufnell Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tufnell Park Lease Extension Case Studies:

Phoebe, Tufnell Park, North London,

Following lengthy negotiations with the landlord of her two bedroom apartment in Tufnell Park, Phoebe started the lease extension process just as her lease was approaching the critical 80-year mark. The lease extension completed in November 2007. The freeholder’s fees were negotiated to a tad over 650 GBP.

Tufnell Park case:

In 2012 we were called by Mrs Olivia Moore who, having took over the lease of a one bedroom apartment in Tufnell Park in July 2007. We are asked if we could approximate the price would be for a 90 year extension to my lease. Identical flats in Tufnell Park with a long lease were valued around £280,000. The average ground rent payable was £55 collected annually. The lease elapsed in 2104. Taking into account 78 years unexpired we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of fees.