Main reasons to start your Brent Cross lease extension

Main reasons to start your Brent Cross lease extension today:

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

Brent Cross leases on residential deteriorating in value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Brent Cross will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In some cases you may not qualify. There are also strict timetables and formalities to follow once the process is initiated so it’s wise to be guided by a conveyancer during the process.

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

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

Lenders may not lend on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This may cause difficulties once you wish to dispose of or remortgage your property as it will be practically unmortgageable. Even though you might have no immediate plan to sell but when you do your purchaser will need to hold off for a couple of years before being able to exercise the right to a a lease extension.

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 experts 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 Case Studies:

Lewis, Brent Cross, North London,

Lewis owned a studio apartment in Brent Cross being marketed with a lease of just over sixty years outstanding. Lewis informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Lewis to invoke his statutory right. Lewis procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.

Brent Cross case:

In 2014 we were phoned by Mr D Martinez who, having took over the lease of a one bedroom flat in Brent Cross in January 2006. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Comparative residencies in Brent Cross with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 collected quarterly. The lease ran out on 5 January 2099. Taking into account 73 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.