Main reasons to start your Brondesbury lease extension

Top reasons for lease extension now:

A Brondesbury lease depreciates with the years remaining on the lease.

Brondesbury residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

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

Leasehold premises in Brondesbury with in excess of one hundred 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 upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders will not loan monies on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the unexpired lease term required by lenders has increased. Historically lenders would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Brondesbury lease extensions?

The conveyancing solicitors that we work with handle Brondesbury lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Brondesbury Lease Extension Example Cases:

Samantha, Brondesbury, North London,

After lengthy correspondence with the landlord of her one bedroom flat in Brondesbury, Samantha initiated the lease extension process as the 80 year deadline was swiftly coming. The legal work completed in February 2012. The landlord’s charges were restricted to slightly above 650 pounds.

Brondesbury case:

Last Autumn we were contacted by Mr and Mrs. V Reed , who purchased a garden apartment in Brondesbury in October 1995. The question was if we could approximate the price could be to extend the lease by a further 90 years. Comparative residencies in Brondesbury with 100 year plus lease were in the region of £208,600. The average amount of ground rent was £60 invoiced every twelve months. The lease ended in 2083. Given that there were 57 years unexpired we approximated the premium to the landlord for the lease extension to be within £30,400 and £35,200 plus expenses.