Why you should start your Brent Cross lease extension

Top reasons for lease extension now:

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

The value of Brent Cross leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is below than eighty years

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

Leasehold residencies in Brent Cross with more than one hundred 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 premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are deemed to be deficient security.

Why use us for your lease extension in Brent Cross?

Retaining our service gives you better control over the value of your Brent Cross leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Brent Cross Lease Extension Case Studies:

Rachael, Brent Cross, North London,

Trailing protracted discussions with the freeholder of her garden apartment in Brent Cross, Rachael started the lease extension process as the 80 year threshold was quickly approaching. The lease extension was concluded in August 2007. The freeholder’s fees were kept to an absolute minimum.

Brent Cross case:

Dr Jasmine Sánchez owned a newly refurbished apartment in Brent Cross in June 1999. The question was if we could approximate the premium would likely be for a ninety year lease extension. Identical homes in Brent Cross with 100 year plus lease were worth £208,600. The mid-range ground rent payable was £60 collected per annum. The lease terminated on 1 February 2083. Taking into account 57 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 exclusive of expenses.