Top reasons for Tufnell Park lease extension

Why you should start your Tufnell Park lease extension today:

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

The market value of a leasehold property in Tufnell Park depends on how many years the lease has remaining. If it is close to or fewer than eighty years you should anticipate problems on re-sale, so it is recommended to arrange for the lease to be extended prior to buying. It is preferable to commence the lease extension process when a lease still has 82 years to run so that a lease extension can be addressed ahead of the 80 year mark. Leasehold Reform legislation enables Tufnell Park qualifying lessees to an additional term of 90 years in addition to the unexpired term, at a notional rent (no ground rent). The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease has roughly the same value as a freehold

Leasehold premises in Tufnell Park with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to finance a property with a short lease

Lenders are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years left at the expiry of the mortgage. Considering many flats in Tufnell Park were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to get a mortgage.

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

Lease extensions in Tufnell Park can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 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 Case Summaries:

Kayleigh, Tufnell Park, North London,

Following unsuccessful discussions with the landlord of her leasehold flat in Tufnell Park, Kayleigh initiated the lease extension process as the 80 year deadline was swiftly approaching. The lease extension completed in February 2011. The landlord’s charges were restricted to slightly above 500 pounds.

Tufnell Park case:

Last month we were phoned by Mr and Mrs. E Sánchez , who was assigned a lease of a garden flat in Tufnell Park in February 1996. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative properties in Tufnell Park with an extended lease were worth £193,400. The average amount of ground rent was £65 billed yearly. The lease ran out on 1 March 2085. Considering the 59 years unexpired we estimated the premium to the landlord to extend the lease to be between £21,900 and £25,200 plus legals.