Stop! Your Lease Extension in Neasden Could Be FREE

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Many leaseholders in Neasden are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Neasden has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Neasden lease extension

Top reasons for lease extension now:

Increase your lease and increase your Neasden property value

The value of Neasden leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to finance a property with a short lease

Lenders do not lend on short residential leases. You most probably encounter problems where you wish to sell your flat in Neasden if the unexpired lease term is under the criteria set by most lenders. Different mortgage companies have varying criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

Lender Requirement
Accord Mortgages 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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Neasden lease extensions?

Irrespective of whether you are a tenant or a landlord in Neasden,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Neasden valuers.

Neasden Lease Extension Example Cases:

Chloe, Neasden, North West London,

Off the back of lengthy discussions with the freeholder of her basement flat in Neasden, Chloe commenced the lease extension process just as the lease was coming close to the all-important eighty-year threshold. The transaction completed in September 2005. The freeholder’s charges were restricted to less than 550 GBP.

Neasden case:

Last month we were called by Dr S Cooper , who purchased a garden apartment in Neasden in April 2009. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparative residencies in Neasden with a long lease were valued around £265,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease lapsed on 6 January 2099. Considering the 73 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.

Decision in Brent

An example of a Freehold Enfranchisement matter before the tribunal for a Neasden property is 12 & 12A Deacon Road in May 2010. the Tribunal concluded that the price to be paid for the freehold should be £38,287 This case affected 2 flats. The unexpired term was 65.58 years.