Main reasons to commence your Brent Cross lease extension

Why you should commence your Brent Cross lease extension today:

Increase your lease and increase your Brent Cross property value

As the the remaining lease term of a Brent Cross residential lease diminished so does its value and therefore the value of your property. Where the lease has, more than one hundred years to run then this decrease may be fractional that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease sooner as opposed to later. Many flat owners in Brent Cross will meet the qualifying criteria; nevertheless a lawyer can confirm 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.

Brent Cross property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may not issue a mortgage with a short lease

What makes us experts in Brent Cross lease extensions?

Regardless of whether you are a tenant or a landlord in Brent Cross,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Brent Cross valuers.

Brent Cross Lease Extension Example Cases:

Leo, Brent Cross, North London,

Leo was the the leasehold owner of a 2 bedroom apartment in Brent Cross on the market with a lease of just over 61 years unexpired. Leo informally spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Leo to invoke his statutory right. Leo procured expert advice and was able to make a more informed decision and deal with the matter and readily saleable.

Brent Cross case:

Last year we were called by Dr Henry Fournier , who was assigned a lease of a one bedroom apartment in Brent Cross in August 2004. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable properties in Brent Cross with a long lease were in the region of £257,800. The average amount of ground rent was £65 collected per annum. The lease concluded in 2091. Considering the 65 years remaining we approximated the premium to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of professional charges.