Why you should commence your Brondesbury lease extension

Top reasons for lease extension now:

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

Brondesbury leases on residential properties are gradually losing value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Brondesbury will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process has commenced so it’s best to be guided by a lawyer during the process.

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

Leasehold premises in Brondesbury with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may not grant a mortgage on a short lease

Mortgage lenders have set criteria when loaning monies charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term goes lower than a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are intending to refinance your Brondesbury home.

Why use us for your lease extension in Brondesbury?

Lease extensions in Brondesbury can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Brondesbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brondesbury Lease Extension Example Cases:

Aimee, Brondesbury, North London,

In the wake of 6 months of protracted correspondence with the freeholder of her basement apartment in Brondesbury, Aimee initiated the lease extension process just as the lease was coming close to the critical 80-year deadline. The legal work was concluded in October 2014. The landlord’s fees were kept to an absolute minimum.

Brondesbury case:

Last Autumn we were approach by Ms J Bonnet , who purchased a one bedroom flat in Brondesbury in January 2011. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Similar properties in Brondesbury with 100 year plus lease were in the region of £300,000. The mid-range amount of ground rent was £50 invoiced annually. The lease finished in 2102. Given that there were 76 years unexpired we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus legals.