Why you should commence your Willesden lease extension

Main reasons to start your Willesden lease extension today:

Increase your lease and increase your Willesden property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Willesden. Clearly, the term of lease left shortens as time goes by. This is often overlooked and only raises itself as an issue when the flat or house has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in Willesden have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. You should give due attention before putting off your Willesden lease extension. Putting off the cost now only increases the price you will ultimately incur for a lease extension

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly 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 decades to come.

Lending institutions will not lend with a short lease

Most banks and building societies will be unwilling to lend on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Willesden property becoming difficult to sell or to obtain finance on.

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

Regardless of whether you are a tenant or a landlord in Willesden,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 experience and the close ties they enjoy with Willesden valuers.

Willesden Lease Extension Example Cases:

Oscar, Willesden, North West London,

Oscar was the the leasehold owner of a 2 bedroom flat in Willesden being sold with a lease of just over 59 years outstanding. Oscar informally approached his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Oscar to invoke his statutory right. Oscar obtained expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Willesden case:

In 2011 we were called by Mr Finley André who, having completed a garden apartment in Willesden in April 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparable flats in Willesden with an extended lease were worth £240,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease expired in 2088. Having 62 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 plus expenses.