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

Why you should start your Neasden lease extension today:

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

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

An extended lease has roughly the same value as a freehold

Leasehold premises in Neasden with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may not issue a mortgage with a short lease

The propensity since over the last decade has been for banks to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.

What makes us experts in Neasden lease extensions?

Irrespective of whether you are a tenant or a freeholder in Neasden,the lease extension lawyers 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 Case Summaries:

Morgan, Neasden, North West London,

Subsequent to protracted negotiations with the freeholder of her leasehold flat in Neasden, Morgan commenced the lease extension process as the 80 year mark was fast nearing. The legal work was concluded in August 2009. The freeholder’s charges were restricted to below six hundred GBP.

Neasden case:

Last year we were phoned by Mr and Mrs. B Roberts , who took over the lease of a basement apartment in Neasden in April 2006. We are asked if we could estimate the price would be to prolong the lease by an additional years. Identical premises in Neasden with 100 year plus lease were worth £270,000. The average ground rent payable was £55 invoiced per annum. The lease ran out in 2102. Considering the 76 years unexpired we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.

Decision in Brent

An example of a Freehold Enfranchisement case for a Neasden residence 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.