The re-sale value of a leasehold property in Tufnell Park is impacted by how many years the lease has left to run. If it is near to or fewer than 80 years you should anticipate problems on re-sale, so it is advisable to arrange for a lease extension before buying. It is preferable to commence the lease extension process when the lease still has 82 years remaining so that all matters can be finalised well before the 80 year threshold. Leasehold Reform legislation entitles Tufnell Park qualifying lessees to a 90 year extension added to their remaining lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Halifax | |
| Nationwide Building Society | |
| Santander | |
| Royal Bank of Scotland | |
| Yorkshire Building Society |
Lease extensions in Tufnell Park can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in this area.
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 in-depth market knowledge procuring 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.
Aarav owned a conversion apartment in Tufnell Park on the market with a lease of fraction over fifty eight years unexpired. Aarav informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aarav to exercise his statutory right. Aarav procured expert legal guidance and secured an acceptable resolution without going to tribunal and sell the flat.
Mr and Mrs. T Flores owned a ground floor flat in Tufnell Park in May 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by ninety years. Comparable flats in Tufnell Park with 100 year plus lease were worth £168,800. The average ground rent payable was £60 billed per annum. The lease came to a finish in 2081. Given that there were 55 years outstanding we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of professional charges.
An example of a Lease Extension matter before the tribunal for a Tufnell Park premises is Flat 2 27 Mackeson Road in December 2012. The Tribunal assessed the value of the lease extension premium at £35,435 and rounded the figure to £35,500 This case affected 1 flat. The number of years remaining on the existing lease(s) was 64.77 years.