Main reasons to start your Brondesbury lease extension

Why you should start your Brondesbury lease extension today:

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

The closer a domestic lease in Brondesbury gets to zero years unexpired, the more it reduces the value of the property. If the lease has, over 99 years to run then this decrease may be fractional however there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. Many flat owners in Brondesbury will qualify for this right; nevertheless a conveyancing solicitor can advise if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Brondesbury with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not lend on a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Brondesbury property becoming difficult to dispose of or refinance.

Get in touch with one of our Brondesbury lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake 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:

Jayden, Brondesbury, North London

Half a year ago Jayden, came critically close to the 80-year threshold with the lease on his one bedroom apartment in Brondesbury. Having bought his property 18 years ago, the length of the lease was of little importance. Fortunately, he became aware that he would imminently be paying an escalated premium for Extending the lease. Jayden arranged for a lease extension at the eleventh hour in September. Jayden and the freeholder in the end agreed on a premium of £5,500 . If he had missed the deadline, the premium would have gone up by a minimum £1,050.

Brondesbury case:

Last Spring we were phoned by Mr and Mrs. O Martin , who moved into a one bedroom apartment in Brondesbury in May 2000. We are asked if we could approximate the premium would likely be to prolong the lease by ninety years. Comparable flats in Brondesbury with a long lease were worth £233,200. The average ground rent payable was £60 invoiced monthly. The lease came to a finish in 2087. Taking into account 61 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 not including expenses.