Main reasons to commence your Neasden lease extension

Top reasons for lease extension now:

Increase your lease and increase your Neasden property value

As the length of the unexpired term of a Neasden domestic lease diminished so does its value and therefore the value of your property. Where the lease has, over 99 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should consider extending without delay. Many flat owners in Neasden will qualify for this right; that being said a conveyancing solicitor can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Neasden with over 100 years left 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 premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies may decide not to loan monies on a short lease

Banks and building societies do not like short residential leases. You most probably encounter problems if you want to sell your flat in Neasden if the remaining term of your lease is under the criteria set by the majority of lenders. Different lenders have different requirements but on the whole theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our Neasden lease extension solicitors or enfranchisement solicitors

Lease extensions in Neasden can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 dealing with Neasden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Neasden Lease Extension Case Summaries:

Harvey, Neasden, North West London

Half a year ago Harvey, came critically close to the 80-year mark with the lease on his purpose- built apartment in Neasden. In buying his flat two decades ago, the length of the lease was of no interest. As luck would have it, it dawned on him that he would imminently be paying way over the odds for a lease extension. Harvey extended the lease just in the nick of time in January. Harvey and the landlord in the end agreed on the final figure of £5,500 . If he had missed the deadline, the price would have gone up by at least £1,025.

Neasden case:

Last year we were e-mailed by Mrs Ellie Phillips , who moved into a first floor apartment in Neasden in August 2009. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparable residencies in Neasden with an extended lease were in the region of £270,000. The average amount of ground rent was £55 invoiced annually. The lease concluded on 15 July 2101. Considering the 75 years unexpired we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of fees.