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.

Neasden leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Neasden will mostly be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In some cases you may not be entitled. There are also strict deadlines and formalities to follow once the process has commenced so it’s best to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold properties in Neasden with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lenders may decide not to lend with a short lease

Why use us for your lease extension in Neasden?

Regardless of whether you are a tenant or a landlord in Neasden,the lease extension solicitors 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 Studies:

Finley, Neasden, North West London,

Finley was the the leasehold proprietor of a high value apartment in Neasden on the market with a lease of fraction over 59 years left. Finley on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Finley to exercise his statutory right. Finley procured expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the property.

Neasden case:

Ms Sophia Howard acquired a newly refurbished apartment in Neasden in January 2010. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Similar flats in Neasden with 100 year plus lease were worth £237,600. The average amount of ground rent was £45 collected per annum. The lease elapsed on 15 January 2093. Considering the 67 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 not including fees.