The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Tufnell Park have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do think carefully before delaying your Tufnell Park lease extension. Postponing that expense today simply escalates the amount you will eventually have to pay for a lease extension.
It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.
| 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. |
| Chelsea 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. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
Lease extensions in Tufnell Park can be a difficult process. We recommend you get guidance from a lawyer 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.
Dylan owned a 2 bedroom flat in Tufnell Park being marketed with a lease of a little over 59 years outstanding. Dylan on an informal basis approached his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Dylan to exercise his statutory right. Dylan obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.
Last year we were called by Mr and Mrs. G Lefèvre , who purchased a first floor flat in Tufnell Park in September 1999. The question was if we could estimate the premium would be for a 90 year lease extension. Similar properties in Tufnell Park with a long lease were valued around £265,000. The average ground rent payable was £50 billed annually. The lease lapsed on 18 May 2098. Having 73 years unexpired we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.
An example of a Lease Extension case 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 affected 1 flat. The remaining number of years on the lease was 64.77 years.