With a long leasehold premises in Brondesbury, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive especially when there are less than eighty years remaining. Leasehold owners in Brondesbury with a lease approaching 81 years unexpired should seriously consider extending it without delay. Once a lease has below eighty years left, under the relevant statute the landlord can calculate and demand a larger amount, assessed on a technical computation, known as “marriage value” which is payable.
It is generally considered that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 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. |
| 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. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire 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. |
Irrespective of whether you are a tenant or a landlord in Brondesbury,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Brondesbury valuers.
In recent months Alexander, came precariously near to the eighty-year mark with the lease on his one bedroom apartment in Brondesbury. Having purchased his property two decades ago, the unexpired term was of little interest. by good luck, it dawned on him that he needed to take action soon on a lease extension. Alexander arranged for a lease extension at the eleventh hour in March. Alexander and the freeholder via the management company ultimately settled on a premium of £5,500 . If he failed to meet the deadline, the figure would have gone up by at least £975.
Mr Omar Carter bought a garden apartment in Brondesbury in April 1998. The question was if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Similar properties in Brondesbury with 100 year plus lease were in the region of £189,000. The average ground rent payable was £55 collected annually. The lease concluded in 2078. Taking into account 53 years remaining we approximated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 plus expenses.
An example of a Lease Extension matter before the tribunal for a Brondesbury premises is 50a Cavendish Road in April 2014. The Tribunal determines that the premium payable by the Applicant in respect of the extension of the lease for the flat was £82,319. This case was in relation to 1 flat. The remaining number of years on the lease was 49.26 years.