Main reasons to start your Tufnell Park lease extension
<div class="lm-topic lm-topic-lender">
<p>
<h3>
Why you should commence your Tufnell Park lease extension today: </h3>
<h4>
Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/tufnell-park">Tufnell Park</a> property value </h4>
<p>
Tufnell Park leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Tufnell Park enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Tufnell Park you really ought to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value <h4>An extended lease has roughly the same value as a freehold</h4>
<p>
Leasehold residencies in Tufnell Park with over 100 years left on the lease are sometimes regarded as a ‘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 freehold unless savings on ground rent and estate charges justify it. <h4>Mortgage lenders will not issue a mortgage with a short lease</h4>
Most banks have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are considered to be insufficient security.
<p>
<div class="row">
<div class="col-sm-8">
<table class="table table-striped table-condensed">
<thead>
<tr><th>Lender</th>
<th> Requirement
</thead>
<tbody>
<tr>
<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
</tr>
<tr>
<td>Godiva Mortgages</td>
<td> A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
</tr>
<tr>
<td>Halifax</td>
<td> Minimum 70 years from the date of the mortgage.
</tr>
<tr>
<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
</tr>
<tr>
<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
</tr>
</tbody>
</table>
</div>
</div>
<h4>
What makes us experts in Tufnell Park lease extensions?
</h4>
<p> Using our service will provide you better 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 want to sell.
The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Tufnell Park Lease Extension Case Studies:
</h4>
<h5> Kyle, Tufnell Park, North London</h5>
<p> During the course of the last few months Kyle, started to get near to the eighty-year mark with the lease on his studio flat in Tufnell Park. Having purchased his property 18 years previously, the length of the lease was of no concern. by good luck, he realised he needed to take action soon on Extending the lease. Kyle was able to extend his lease at the eleventh hour in May. Kyle and the landlord who owned the flat above eventually settled on a premium of £5,500 . If the lease had gone below eighty years, the premium would have increased by a minimum £1,100.
<h5>Tufnell Park case:</h5>
<p> Mr and Mrs. E Thompson was assigned a lease of a first floor flat in Tufnell Park in May 2009. The dilemma was if we could estimate the premium could be for a 90 year lease extension. Comparative premises in Tufnell Park with an extended lease were in the region of £245,000. The average ground rent payable was £50 invoiced monthly. The lease terminated on 1 November 2094. Considering the 68 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.
<div> <h5>Decision in Camden</h5>
<p>
An example of a Lease Extension decision for a Tufnell Park flat 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 related to 1 flat. The unexpired residue of the current lease was 64.77 years.
</p>
</div>
</div>