Top reasons for Brentford lease extension

Why you should start your Brentford lease extension today:

Increase your lease and increase your Brentford property value

The only way is down when it comes to Brentford lease terms. Brentford flats that have a residual term less than than 80 years will de-escalate in market price at a rapid rate, and the cost to extend your lease will increase.

An extended lease has roughly the same value as a freehold

Leasehold premises in Brentford with in excess of one hundred years outstanding 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 home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may not loan monies with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. Given that a number of flats in Brentford were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Brentford lease extensions?

Regardless of whether you are a tenant or a freeholder in Brentford,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Brentford valuers.

Brentford Lease Extension Example Cases:

Luke, Brentford, West London

Last October Luke, came perilously close to the 80-year mark with the lease on his ground floor flat in Brentford. In buying his property two decades ago, the lease term was of little relevance. by good luck, it dawned on him that he needed to take action soon on a lease extension. Luke extended the lease at the eleventh hour in January. Luke and the freeholder via the managing agents eventually agreed on a premium of £6,000 . If he failed to meet the deadline, the amount would have increased by a minimum £1,025.

Brentford case:

Mrs Rachel Sharif bought a studio flat in Brentford in January 1998. The question was if we could approximate the price would likely be for a ninety year lease extension. Identical flats in Brentford with a long lease were worth £181,600. The average ground rent payable was £55 collected annually. The lease expired in 2078. Having 52 years unexpired we approximated the premium to the landlord for the lease extension to be within £30,400 and £35,200 plus expenses.