Top reasons for Willesden lease extension

Main reasons to start your Willesden lease extension today:

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

Willesden leases on domestic properties are gradually losing value. Where your lease has approximately 90 years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to be in place before the term of the current lease dips lower than 80 years - otherwise a higher amount will be payable. Flat owners in Willesden will mostly qualify for a lease extension; however a solicitor will confirm your eligibility. In some circumstances you may not qualify. There are also strict timetables and steps to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.

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

Leasehold premises in Willesden with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value 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 estate charges merit it.

Lenders will not grant a mortgage on a short lease

The propensity since the credit crunch has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has resulted in the unexpired lease term required by lenders has increased. In the past banks were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

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

Lease extensions in Willesden can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Willesden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Willesden Lease Extension Case Studies:

Evan, Willesden, North West London

In recent months Evan, came very near to the eighty-year mark with the lease on his basement apartment in Willesden. Having purchased his flat twenty years previously, the lease term was of minimal relevance. Thankfully, he noticed he needed to take steps soon on a lease extension. Evan was able to extend his lease just under the wire in April. Evan and the freeholder via the managing agents eventually settled on sum of £5,500 . If he not met the deadline, the figure would have increased by a minimum £975.

Willesden case:

In 2011 we were phoned by Mr James Moore who, having took over the lease of a garden apartment in Willesden in January 2000. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Similar premises in Willesden with a long lease were worth £225,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease ran out in 2085. Considering the 60 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 exclusive of costs.