With a domestic leasehold property in Brondesbury, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are fewer than 80 years remaining. Residents in Brondesbury with a lease approaching 81 years left should seriously consider extending it sooner as opposed to later. When the lease term has less than eighty years outstanding, under the current Act the freeholder can calculate and demand a larger premium, based on a technical calculation, known as “marriage value” which is payable.
It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Chelsea Building Society | |
| Godiva Mortgages | |
| The Mortgage Works | |
| Virgin | |
| Yorkshire Building Society |
Retaining our service gives you increased control over the value of your Brondesbury leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy discussions with the freeholder of her garden flat in Brondesbury, Maisie initiated the lease extension process just as her lease was coming close to the crucial 80-year deadline. The legal work completed in April 2010. The landlord’s charges were kept to an absolute minimum.
Last Winter we were approach by Mr and Mrs. P Torres , who acquired a studio apartment in Brondesbury in July 2000. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Similar residencies in Brondesbury with 100 year plus lease were worth £270,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease concluded on 21 August 2094. Having 68 years left we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of fees.
An example of a Lease Extension matter before the tribunal for a Brondesbury property 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 unexpired term as at the valuation date was 49.26 years.