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

There is no doubt about it a leasehold flat or house in Brent Cross is a wasting asset as a result of the diminishing lease term. If the residual term has, more than 125 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. Many flat owners in Brent Cross will meet the qualifying criteria; nevertheless a conveyancer can advise whether you qualify to extend your lease. In certain 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 considered that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to finance a property on a short lease

Banks and Building Societies have specific criteria when lending monies secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term falls below a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are seeking to refinance your Brent Cross property.

What makes us experts in Brent Cross lease extensions?

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.

Brent Cross Lease Extension Case Summaries:

Jason, Brent Cross, North London

Last October Jason, started to get close to the eighty-year threshold with the lease on his basement apartment in Brent Cross. In buying his home 18 years previously, the lease term was of little relevance. Fortunately, he recognised he would soon be paying an inflated amount for Extending the lease. Jason extended the lease just ahead of time in August. Jason and the freeholder via the managing agents in the end settled on a premium of £5,000 . If the lease had slid to less than 80 years, the figure would have escalated by at least £1,025.

Brent Cross case:

In 2013 we were approached by Dr Mason Cook who, having moved into a purpose-built apartment in Brent Cross in September 1997. The question was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Similar residencies in Brent Cross with a long lease were in the region of £275,000. The average amount of ground rent was £45 invoiced quarterly. The lease elapsed in 2095. Given that there were 69 years as a residual term we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.