Top reasons for Brentford lease extension

Top reasons for lease extension now:

A Brentford leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Brentford lease terms. Brentford properties that have a remaining term shorter than eighty years will reduce in value even faster, and the cost to extend your lease will rise.

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to issue a mortgage on a short lease

Almost all mortgage lenders will not lend on a lease with under 70 years left to run - although this varies from lender to lender. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Brentford property being difficult to dispose of or remortgage.

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

The conveyancing solicitors that we work with handle Brentford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Brentford Lease Extension Example Cases:

Poppy, Brentford, West London,

In the wake of 6 months of protracted discussions with the freeholder of her ground floor apartment in Brentford, Poppy started the lease extension process just as her lease was nearing the all-important eighty-year deadline. The lease extension completed in September 2015. The landlord’s fees were kept to an absolute minimum.

Brentford case:

In 2010 we were called by Dr K François who, having bought a one bedroom flat in Brentford in November 2011. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparative homes in Brentford with 100 year plus lease were in the region of £300,000. The mid-range ground rent payable was £50 collected quarterly. The lease end date was in 2101. Considering the 75 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.