Why you should start your Willesden lease extension

Main reasons to commence your Willesden lease extension today:

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

Willesden leases on residential properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher amount will be payable. Leasehold owners in Willesden will usually qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.

Willesden property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are regarded as insufficient for lending purposes.

Why use us for your lease extension in Willesden?

Irrespective of whether you are a tenant or a landlord in Willesden,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Willesden valuers.

Willesden Lease Extension Example Cases:

Adam, Willesden, North West London

In recent months Adam, started to get close to the 80-year mark with the lease on his one bedroom apartment in Willesden. Having bought his property twenty years previously, the length of the lease was of little bearing. As luck would have it, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Adam arranged for a lease extension just under the wire in January. Adam and the freeholder in the end settled on a premium of £5,000 . If the lease had descended below 80 years, the price would have become more exhorbitant by at least £1,125.

Willesden case:

In 2010 we were e-mailed by Mr and Mrs. J Morgan who, having was assigned a lease of a one bedroom flat in Willesden in September 2008. The question was if we could approximate the premium would likely be for a ninety year lease extension. Similar premises in Willesden with a long lease were valued around £260,200. The average ground rent payable was £65 collected every twelve months. The lease concluded in 2092. Considering the 66 years remaining we approximated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 exclusive of expenses.