Main reasons to start your Tufnell Park lease extension

Top reasons for lease extension now:

Increase your lease and increase your Tufnell Park property value

Unfortunately that a Tufnell Park residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Tufnell Park property prices.Once your lease gets to 85ish years, you should start thinking about 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 slips lower than eighty years - otherwise a higher premium will be due. Most leasehold owners in Tufnell Park will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your conveyancer throughout the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This may cause difficulties when you wish to dispose of or refinance your flat as it will be practically unmortgageable. Even though you might not have an imminent intention to sell but when you do your purchaser must wait two years before they can commence the legal procedures for an extension to the lease.

Why use us for your lease extension in Tufnell Park?

The conveyancers that we work with undertake Tufnell Park lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Tufnell Park Lease Extension Example Cases:

Finn, Tufnell Park, North London

Two years ago Finn, came critically close to the 80-year mark with the lease on his basement flat in Tufnell Park. In buying his home two decades ago, the lease term was of no interest. by good luck, he recognised he needed to take action soon on Extending the lease. Finn extended the lease at the eleventh hour in June. Finn and the freeholder via the managing agents subsequently agreed on the final figure of £6,000 . If he not met the deadline, the amount would have become more costly by a minimum £925.

Tufnell Park case:

Mr and Mrs. L Miller owned a first floor flat in Tufnell Park in June 2008. The dilemma was if we could approximate the price would be to extend the lease by ninety years. Identical residencies in Tufnell Park with 100 year plus lease were worth £254,200. The mid-range amount of ground rent was £60 billed monthly. The lease termination date was in 2077. Having 51 years remaining we calculated the premium to the landlord for the lease extension to be within £43,700 and £50,600 plus fees.