Main reasons to commence your Cricklewood lease extension

Main reasons to start your Cricklewood lease extension today:

Increase your lease and increase your Cricklewood property value

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Cricklewood. Clearly, the term of lease left reduces over time. This may pass by relatively unnoticed when the residence has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in Cricklewood have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. You should give due attention before delaying your Cricklewood lease extension. Putting off the cost now likely increases the price you will eventually incur to extend your lease

Cricklewood property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to finance a property with a short lease

Mortgage companies are really restricting their approach as regards to homes in Cricklewood with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus reducing the number of prospective purchasers.

Why use us for your lease extension in Cricklewood?

Using our service gives you better control over the value of your Cricklewood leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Cricklewood Lease Extension Example Cases:

Sian, Cricklewood, North West London,

After protracted negotiations with the landlord of her two bedroom apartment in Cricklewood, Sian initiated the lease extension process just as her lease was approaching the all-important eighty-year deadline. The legal work completed in September 2007. The landlord’s charges were restricted to about 650 GBP.

Cricklewood case:

Ms Mia Davies took over the lease of a first floor apartment in Cricklewood in November 2012. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparable properties in Cricklewood with an extended lease were in the region of £245,000. The average ground rent payable was £50 billed annually. The lease came to a finish in 2094. Having 68 years remaining we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.