Why you should commence your Brondesbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brondesbury property value

On the balance of probabilities if you own a flat in Brondesbury you actually own a long leasehold interest over your property

Brondesbury property with a lease extension has roughly the same value as a freehold

Leasehold premises in Brondesbury with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

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

The propensity since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be charged. This has meant the unexpired lease term required by banks has increased. In the past mortgage companies were content with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

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

Irrespective of whether you are a tenant or a freeholder in Brondesbury,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Brondesbury valuers.

Brondesbury Lease Extension Example Cases:

Kate, Brondesbury, North London,

After protracted discussions with the landlord of her studio apartment in Brondesbury, Kate commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The lease extension was finalised in April 2007. The freeholder’s costs were kept to an absolute minimum.

Brondesbury case:

In 2012 we were phoned by Mr and Mrs. F Lefèvre who, having acquired a one bedroom flat in Brondesbury in April 1999. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Identical residencies in Brondesbury with a long lease were worth £285,000. The mid-range ground rent payable was £45 collected quarterly. The lease lapsed on 4 February 2098. Taking into account 72 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.