Main reasons to commence your Brentford lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/brentford">Brentford</a> lease depreciates with the years remaining on the lease.
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Brentford leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Brentford enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Brentford you really ought to investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value <h4>An extended lease is almost the same value as a freehold</h4>
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Leasehold properties in Brentford with more than 100 years remaining on the lease are often referred to as ‘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 purchasing the freehold unless savings on ground rent and service charges merit it. <h4>Lenders may not grant a mortgage with a short lease</h4> Lending institutions are less likely to grant a mortgage on a domestic property in Brentford with a short lease. Many lenders simply refuse a mortgage on leases with under 75 years left.
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<tr><th>Lender</th>
<th> Requirement
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<td>Accord Mortgages</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<h4> Get in touch with one of our Brentford lease extension solicitors or enfranchisement solicitors
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Lease extensions in Brentford can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in this area.
<p>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 Brentford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
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Brentford Lease Extension Case Studies:
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<h5> Seth, Brentford, West London</h5>
<p> During the course of the last few months Seth, came seriously close to the 80-year threshold with the lease on his ground floor flat in Brentford. Having purchased his home two decades ago, the unexpired term was of minimal interest. Thankfully, he noticed he needed to take action soon on Extending the lease. Seth extended the lease just ahead of time last April. Seth and the landlord ultimately agreed on the final figure of £5,500 . If the lease had slid lower than eighty years, the figure would have become more exhorbitant by at least £1,025.
<h5>Brentford case:</h5>
<p> Dr J Ali took over the lease of a first floor apartment in Brentford in November 2011. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparable properties in Brentford with 100 year plus lease were valued around £171,800. The mid-range ground rent payable was £55 collected every twelve months. The lease elapsed on 19 May 2076. Having 50 years left we estimated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of fees.
<div> <h5>Decision in Ealing</h5>
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An example of a Freehold Enfranchisement matter before the tribunal 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 related to 2 flats.
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