The only way is down when it comes to Brent Cross lease terms. Brent Cross properties that have a lease term less than than eighty years will de-escalate in market price at a rapid rate, and the cost to extend your lease will rise.
Leasehold premises in Brent Cross with over one hundred years left 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 to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Coventry Building Society | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
The conveyancers that we work with procure Brent Cross lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.
Last October Dexter, started to get close to the 80-year mark with the lease on his two bedroom flat in Brent Cross. Having purchased his property 19 years previously, the length of the lease was of little bearing. As luck would have it, he recognised he would imminently be paying an escalated premium for Extending the lease. Dexter arranged for a lease extension just under the wire last January. Dexter and the freeholder in the end settled on an amount of £5,000 . If he had missed the deadline, the premium would have escalated by at least £875.
In 2014 we were called by Mr Hunter Anderson who, having owned a recently refurbished apartment in Brent Cross in May 2002. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Brent Cross with an extended lease were worth £191,400. The mid-range ground rent payable was £55 billed yearly. The lease came to a finish on 8 February 2080. Considering the 54 years left we approximated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 not including costs.
An example of a Lease Extension matter before the tribunal for a Brent Cross residence is First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100). This case was in relation to 1 flat. The unexpired term as at the valuation date was 71 years.