Main reasons to commence your Brent Cross lease extension

Why you should commence your Brent Cross lease extension today:

A Brent Cross lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Brent Cross. Clearly, the length of lease left shortens as time goes by. This is often ignored and only becomes a problem when the flat or house has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Qualifying leaseholders in Brent Cross have the right to extend the lease for an additional ninety years under legislation. Please give careful consideration before delaying your Brent Cross lease extension. Holding off the cost now simply increases the price you will eventually have to pay to extend your lease

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

Leasehold residencies in Brent Cross with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders will not lend with a short lease

Many mortgage lenders require a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is probable that someone wishing to buy your property in the future might well do, so if they can't secure a mortgage, then the value of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Brent Cross lease extensions?

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

Brent Cross Lease Extension Example Cases:

Rory, Brent Cross, North London

Last Summer Rory, started to get near to the eighty-year mark with the lease on his basement apartment in Brent Cross. In buying his property twenty years ago, the unexpired term was of little relevance. Fortunately, he recognised he would imminently be paying an escalated premium for Extending the lease. Rory extended the lease just under the wire in June. Rory and the freeholder via the management company ultimately settled on a premium of £5,500 . If the lease had gone below eighty years, the price would have become more exhorbitant by at least £925.

Brent Cross case:

In 2012 we were phoned by Mr J Robinson who, having bought a studio flat in Brent Cross in April 1997. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative premises in Brent Cross with a long lease were in the region of £184,000. The mid-range ground rent payable was £55 billed monthly. The lease came to a finish in 2079. Considering the 53 years unexpired we approximated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of expenses.