Main reasons to commence your Tufnell Park lease extension

Main reasons to commence your Tufnell Park lease extension today:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Tufnell Park have the right to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Tufnell Park lease extension. Postponing the costs today simply increases the price you will ultimately be required to pay to extend the lease.

Tufnell Park property with a lease extension has roughly the same value as a freehold

Leasehold premises in Tufnell Park with more than 100 years outstanding on the lease are sometimes 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 to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to finance a property on a short lease

Mortgage companies are really restricting their approach as regards to properties in Tufnell Park with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing your market.

Why use us for your lease extension in Tufnell Park?

Lease extensions in Tufnell Park can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in lease extensions.

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 Example Cases:

Stanley, Tufnell Park, North London

16 months ago Stanley, came perilously close to the 80-year mark with the lease on his two bedroom apartment in Tufnell Park. Having bought his home two decades ago, the length of the lease was of no bearing. by good luck, he noticed he needed to take action soon on a lease extension. Stanley arranged for a lease extension just under the wire last March. Stanley and the landlord who owned the flat above subsequently agreed on sum of £6,000 . If he had missed the deadline, the amount would have become more costly by at least £975.

Tufnell Park case:

Dr T Edwards acquired a first floor flat in Tufnell Park in August 2011. The question was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable homes in Tufnell Park with 100 year plus lease were in the region of £265,000. The mid-range ground rent payable was £50 invoiced monthly. The lease lapsed on 22 September 2100. Considering the 74 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.