Main reasons to start your Brent Cross lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brent Cross property value

Brent Cross leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Brent Cross tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Brent Cross you must check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold properties in Brent Cross with more than 100 years remaining 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 circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not issue a mortgage with a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties where you wish to sell your flat in Brent Cross if the remaining term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but on the whole theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Brent Cross?

Regardless of whether you are a tenant or a freeholder in Brent Cross,the lease extension lawyers that we work with will always be happy 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:

Gabriel, Brent Cross, North London

During the course of the last few months Gabriel, started to get near to the eighty-year mark with the lease on his first floor flat in Brent Cross. In buying his home 18 years ago, the length of the lease was of no bearing. Fortunately, he became aware that he would imminently be paying an inflated amount for Extending the lease. Gabriel extended the lease just ahead of time in April. Gabriel and the freeholder in the end settled on the final figure of £5,000 . If the lease had descended below eighty years, the figure would have increased by at least £975.

Brent Cross case:

Dr Thomas Roux moved into a purpose-built flat in Brent Cross in November 2009. The question was if we could estimate the premium would be to prolong the lease by 90 years. Similar premises in Brent Cross with an extended lease were in the region of £200,000. The average ground rent payable was £50 collected monthly. The lease concluded in 2103. Having 77 years unexpired we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of fees.