Top reasons for Brentford lease extension

Why you should start your Brentford lease extension today:

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

Unfortunately that a Brentford residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Brentford property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. If lease term slips under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of flat owners in Brentford will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer throughout the formalities.

An extended lease is almost the same value as a freehold

Leasehold residencies in Brentford with in excess of 100 years remaining 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become jittery at around 75 years. This may be problematic once you need to dispose of or remortgage your flat as it will be practically unmortgageable. Even though you may not have an immediate desire to sell but when you do your purchaser will need to wait two years before they can start the legal procedures for a lease extension.

Why use us for your lease extension in Brentford?

Engaging our service will provide you better control over the value of your Brentford leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Brentford Lease Extension Case Summaries:

Riley, Brentford, West London

Half a year ago Riley, started to get close to the eighty-year mark with the lease on his studio flat in Brentford. In buying his home two decades ago, the lease term was of no interest. Fortunately, he realised he would imminently be paying way over the odds for Extending the lease. Riley was able to extend his lease just ahead of time last April. Riley and the landlord who owned the flat above ultimately agreed on sum of £6,000 . If the lease had gone lower than 80 years, the amount would have become more exhorbitant by a minimum £975.

Brentford case:

In 2012 we were e-mailed by Mr Harry Gómez who, having took over the lease of a one bedroom apartment in Brentford in February 1999. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparative flats in Brentford with an extended lease were valued about £285,000. The mid-range ground rent payable was £45 collected yearly. The lease concluded on 15 January 2097. Given that there were 71 years left we approximated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including costs.