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Top reasons for Willesden lease extension

Main reasons to start your Willesden lease extension today:

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

The value of Willesden 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 materialy once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

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

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become nervous at around 75 years. This will cause difficulties as and when you come to market or refinance your flat as it will be effectively unmortgageable. Even though you might not have an immediate intention to sell but when you do your buyer must wait two years before being able to initiate the legal procedures for a lease extension.

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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

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

Lease extensions in Willesden can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.

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

Willesden Lease Extension Case Summaries:

Lily, Willesden, North West London,

After lengthy discussions with the freeholder of her purpose-built apartment in Willesden, Lily started the lease extension process as the 80 year threshold was rapidly nearing. The lease extension completed in September 2015. The landlord’s fees were negotiated to slightly above 700 GBP.

Willesden case:

Last Autumn we were phoned by Dr Adam Mason , who took over the lease of a one bedroom apartment in Willesden in February 2004. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Identical premises in Willesden with a long lease were worth £285,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease expired on 28 January 2097. Taking into account 72 years remaining we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus costs.

Decision in Brent

An example of a lease Extension matter before the tribunal for a Willesden flat is First Floor Flat 47 Huddlestone Road in December 2010. the Tribunal a valuation of £13,000 for a lease extension having been asked to consider the premium following a vesting order being granted by Willesden County Court On 14th September 2009 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 71.87 years.