Tufnell Park Lease Extension - Free Consultation

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Before you progress with your lease extension in Tufnell Park
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should start your Tufnell Park lease extension

Main reasons to start your Tufnell Park lease extension today:

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

The value of Tufnell Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold residencies in Tufnell Park with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may not finance a property with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are regarded as unacceptable security.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Tufnell Park lease extension solicitors or enfranchisement solicitors

Using our service will provide you increased control over the value of your Tufnell Park leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Tufnell Park Lease Extension Example Cases:

Jasmine, Tufnell Park, North London,

Following unsuccessful correspondence with the freeholder of her one bedroom flat in Tufnell Park, Jasmine started the lease extension process as the eighty year deadline was rapidly approaching. The legal work completed in May 2014. The landlord’s fees were kept to an absolute minimum.

Tufnell Park case:

Dr T Mitchell acquired a basement flat in Tufnell Park in June 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Comparable premises in Tufnell Park with a long lease were valued about £166,400. The mid-range ground rent payable was £60 invoiced every twelve months. The lease ended in 2078. Having 54 years unexpired we estimated the premium to the landlord for the lease extension to be between £32,300 and £37,400 plus professional charges.

Decision in Camden

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 was in relation to 1 flat. The remaining number of years on the lease was 64.77 years.