Why you should start your Willesden lease extension

Main reasons to commence your Willesden lease extension today:

Increase your lease and increase your Willesden property value

Unfortunately that a Willesden residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Willesden property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher amount will be due. The majority of flat owners in Willesden will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor throughout the formalities.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders will not lend with a short lease

What makes us experts in Willesden lease extensions?

Using our service will provide you better control over the value of your Willesden leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Willesden Lease Extension Case Summaries:

Daisy, Willesden, North West London,

After lengthy discussions with the freeholder of her garden apartment in Willesden, Daisy commenced the lease extension process as the 80 year mark was swiftly approaching. The transaction was finalised in October 2013. The freeholder’s costs were negotiated to a tad over 550 pounds.

Willesden case:

In 2010 we were e-mailed by Dr C Petit who, having completed a one bedroom apartment in Willesden in March 2007. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Identical properties in Willesden with an extended lease were worth £295,000. The mid-range amount of ground rent was £45 billed annually. The lease ended in 2100. Considering the 74 years remaining we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.