The closer a domestic lease in Brondesbury nears to zero years unexpired, the more it reduces the value of the property. If the lease has, beyond 125 years to run then this decrease may be negligible that being said there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease sooner rather than later. Most flat owners in Brondesbury will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.
It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| Halifax | Minimum 70 years from the date of the mortgage. |
Regardless of whether you are a tenant or a freeholder in Brondesbury,the lease extension experts that we work with will always be prepared 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.
Trailing unsuccessful negotiations with the freeholder of her purpose-built apartment in Brondesbury, Lucy started the lease extension process just as her lease was nearing the all-important eighty-year mark. The legal work was finalised in January 2007. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. Y Parker took over the lease of a basement flat in Brondesbury in April 2008. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar residencies in Brondesbury with a long lease were in the region of £225,800. The average amount of ground rent was £60 billed per annum. The lease lapsed on 1 July 2086. Considering the 60 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £25,700 and £29,600 not including professional charges.
An example of a Lease Extension case 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 related to 1 flat. The number of years remaining on the existing lease(s) was 49.26 years.