For those whose Brentford home is held on a long lease, the message is clear – if you ignore the situation, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension.
Leasehold residencies in Brentford with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| Nationwide Building Society | |
| TSB | |
| Virgin |
Engaging our service will provide you increased control over the value of your Brentford leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.
Subsequent to protracted negotiations with the landlord of her basement apartment in Brentford, Harriet started the lease extension process as the eighty year threshold was fast approaching. The transaction was finalised in August 2007. The landlord’s charges were negotiated to about 700 GBP.
In 2014 we were contacted by Mr and Mrs. W James who, having moved into a newly refurbished flat in Brentford in September 2003. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable homes in Brentford with an extended lease were valued around £205,000. The average ground rent payable was £50 collected per annum. The lease finished on 16 March 2105. Considering the 79 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus professional charges.
An example of a Freehold Enfranchisement case for a Brentford flat is 105 & 105A Seaford Road in July 2013. The tribunal determined that the price payable for the freehold interest in the Property was £43,985 . This sum was to be paid into Brentford County Court to enable the matter to proceed This case was in relation to 2 flats.