Why you should commence your Brondesbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brondesbury property value

It’s a harsh truth that a Brondesbury residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Brondesbury property prices.Once your lease nears 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than eighty years - otherwise a higher premium will be due. Most leasehold owners in Brondesbury will be able to extend under the legislation; however a lawyer should be able to clarify whether you qualify for an extension. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the process.

An extended lease has roughly the same value as a freehold

Leasehold properties in Brondesbury with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not loan monies with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This will cause difficulties as and when you wish to market or remortgage your flat as it will be practically unmortgageable. Even though you might not have an immediate intention to sell but when you do your purchaser will have to hold off for two years before being able to commence the legal procedures for a lease extension.

Why use us for your lease extension in Brondesbury?

Engaging our service will provide you enhanced control over the value of your Brondesbury leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Brondesbury Lease Extension Example Cases:

Teddy, Brondesbury, North London

During the course of the last few months Teddy, started to get near to the eighty-year mark with the lease on his studio apartment in Brondesbury. In buying his property two decades ago, the lease term was of little significance. Luckily, he recognised he would imminently be paying way over the odds for Extending the lease. Teddy extended the lease just under the wire last May. Teddy and the landlord subsequently agreed on a premium of £5,500 . If the lease had dipped below 80 years, the sum would have escalated by at least £875.

Brondesbury case:

Last Autumn we were phoned by Mr and Mrs. F Kelly , who purchased a basement flat in Brondesbury in February 2007. The question was if we could shed any light on how much (approximately) price would be for a 90 year lease extension. Comparative premises in Brondesbury with 100 year plus lease were valued around £210,000. The average amount of ground rent was £50 billed monthly. The lease came to a finish in 2106. Having 80 years as a residual term we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.