Tufnell Park leases on domestic deteriorating in value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the current lease dips lower than 80 years - otherwise a higher amount will be payable. Flat owners in Tufnell Park will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some circumstances you may not be entitled. There are also strict timetables and steps to follow once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold residencies in Tufnell Park with more than one hundred 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 home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Retaining our service gives you enhanced control over the value of your Tufnell Park leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Last year Dylan, came seriously near to the eighty-year mark with the lease on his purpose- built flat in Tufnell Park. Having purchased his home 18 years ago, the unexpired term was of no bearing. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Dylan was able to extend his lease at the eleventh hour in April. Dylan and the landlord eventually agreed on a premium of £5,000 . If he had missed the deadline, the premium would have become more costly by a minimum £1,000.
Last July we were approach by Mrs Elizabeth Ramírez , who was assigned a lease of a first floor apartment in Tufnell Park in October 2004. We are asked if we could estimate the price could be for a 90 year lease extension. Identical premises in Tufnell Park with an extended lease were worth £256,600. The average amount of ground rent was £60 collected quarterly. The lease expired on 4 January 2078. Given that there were 52 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 plus expenses.
An example of a Lease Extension decision for a Tufnell Park property 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.