When it comes to long leasehold premises in Brondesbury, you are actually buying an entitlement to reside in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially when there are fewer than 80 years remaining. Leasehold owners in Brondesbury with a lease drawing near to 81 years unexpired should seriously consider extending it sooner rather than later. When the lease term has under 80 years left, under the relevant Act the freeholder is entitled to calculate and demand a larger premium, based on a technical computation, strangely termed as “marriage value” which is due.
It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| National Westminster Bank | |
| Nationwide Building Society | |
| Royal Bank of Scotland |
Lease extensions in Brondesbury can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in lease extensions.
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.
In the wake of eight months of lengthy discussions with the freeholder of her two bedroom apartment in Brondesbury, Rosie started the lease extension process just as her lease was coming close to the critical 80-year deadline. The lease extension was finalised in May 2013. The landlord’s fees were kept to an absolute minimum.
Mr and Mrs. O Jones took over the lease of a purpose-built apartment in Brondesbury in May 2010. The dilemma was if we could estimate the price could be to prolong the lease by 90 years. Similar properties in Brondesbury with an extended lease were worth £184,000. The average ground rent payable was £55 billed monthly. The lease terminated on 10 January 2079. Having 53 years unexpired we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus legals.
An example of a Lease Extension decision for a Brondesbury flat 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 was in relation to 1 flat. The unexpired term as at the valuation date was 49.26 years.