Main reasons to start your Willesden lease extension

Why you should commence your Willesden lease extension today:

A Willesden lease depreciates with the years remaining on the lease.

Willesden leases on residential deteriorating in value. if your lease has about ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Willesden will mostly qualify for a lease extension; however a solicitor should be able check if you qualify. In some circumstances you may not qualify. There are also strict deadlines and steps to follow once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.

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

Leasehold premises in Willesden with more than 100 years outstanding 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 premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions will not lend with a short lease

Most banks have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be unacceptable security.

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

Retaining our service will provide you increased control over the value of your Willesden leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Willesden Lease Extension Case Studies:

Caitlin, Willesden, North West London,

In the wake of eight months of unsuccessful negotiations with the landlord of her purpose-built flat in Willesden, Caitlin commenced the lease extension process as the eighty year deadline was fast approaching. The legal work was concluded in February 2013. The freeholder’s costs were kept to an absolute minimum.

Willesden case:

Mr and Mrs. O Jackson purchased a purpose-built apartment in Willesden in October 1996. The question was if we could estimate the price would be for a 90 year lease extension. Comparative residencies in Willesden with an extended lease were worth £174,200. The mid-range amount of ground rent was £55 billed yearly. The lease came to a finish in 2077. Having 51 years left we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including professional charges.