Top reasons for Brent Cross lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brent Cross property value

Unfortunately that a Brent Cross residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Brent Cross property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below 80 years - otherwise a higher premium will be payable. Most leasehold owners in Brent Cross will be able to extend under the legislation; however a lawyer should be able to clarify whether you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer from beginning to end of the process.

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

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

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

The propensity since 2008 has been for lenders to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. Historically banks were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Get in touch with one of our Brent Cross lease extension solicitors or enfranchisement solicitors

Lease extensions in Brent Cross can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in this area.

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 in-depth market knowledge dealing with Brent Cross lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brent Cross Lease Extension Example Cases:

Georgina, Brent Cross, North London,

Subsequent to protracted discussions with the freeholder of her leasehold flat in Brent Cross, Georgina started the lease extension process just as the lease was nearing the crucial eighty-year deadline. The transaction was finalised in November 2011. The landlord’s charges were restricted to less than 500 GBP.

Brent Cross case:

Mrs Molly Sharif completed a one bedroom flat in Brent Cross in October 1996. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Identical residencies in Brent Cross with 100 year plus lease were worth £243,000. The average ground rent payable was £65 billed per annum. The lease finished in 2088. Having 63 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of fees.