Stop! Your Lease Extension in Willesden Could Be FREE

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Many leaseholders in Willesden 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 Willesden 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 Willesden lease extension

Top reasons for lease extension now:

Increase your lease and increase your Willesden property value

There is no doubt about it a leasehold property in Willesden is a wasting asset as a result of the diminishing lease term. If the residual term has, more than 125 years remaining then this decrease may be negligible however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary rational as to why you should consider extending sooner rather than later. The majority of flat owners in Willesden will meet the qualifying criteria; that being said a conveyancing solicitor can advise if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Willesden with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

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

Nearly all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will consider lending on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wishing to purchase your property in the future might well do, so in the event that they can't obtain a mortgage, then the market price of your property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

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.
Barclays plc Leases with less than 70 years at the commencement of the mortgage are not acceptable.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Willesden?

Lease extensions in Willesden can be a difficult process. We recommend you get 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 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 Example Cases:

Kirsty, Willesden, North West London,

Off the back of protracted correspondence with the freeholder of her ground floor apartment in Willesden, Kirsty commenced the lease extension process as the eighty year deadline was swiftly coming. The transaction completed in August 2009. The freeholder’s fees were negotiated to about 700 GBP.

Willesden case:

In 2011 we were called by Mr and Mrs. C Davies who, having purchased a one bedroom flat in Willesden in February 2010. We are asked if we could approximate the price would likely be for a ninety year lease extension. Identical properties in Willesden with 100 year plus lease were in the region of £257,800. The average amount of ground rent was £65 billed monthly. The lease expiry date was in 2091. Having 65 years left we calculated the premium to the landlord for the lease extension to be within £18,100 and £20,800 plus professional charges.

Decision in Brent

An example of a lease Extension decision for a Willesden residence 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 affected 1 flat. The unexpired lease term was 71.87 years.