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Top reasons for Brentford lease extension

Main reasons to start your Brentford lease extension today:

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

Brentford leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term is under eighty years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Brentford will usually qualify for a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In some cases you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Brentford with in excess of one hundred 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 upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not grant a mortgage with a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have at least 60 if not 70 years left once the mortgage has expired. Considering a number of flats in Brentford were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

Lender Requirement
Accord Mortgages 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.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Mortgage term plus 30 years subject to an overall minimum term of 70 years
TSB Mortgage term plus 30 years subject to an overall minimum term of 70 years

What makes us experts in Brentford lease extensions?

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 lawyer we work with provide it.

Brentford Lease Extension Example Cases:

Adam, Brentford, West London,

Adam was the the leasehold owner of a 2 bedroom apartment in Brentford being sold with a lease of a little over fifty eight years outstanding. Adam on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Adam to invoke his statutory right. Adam procured expert legal guidance and secured satisfactory resolution informally and sell the property.

Brentford case:

Last Summer we were contacted by Mr S Roux , who bought a one bedroom flat in Brentford in March 1997. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Similar homes in Brentford with an extended lease were valued about £205,000. The mid-range amount of ground rent was £50 billed yearly. The lease expired in 2098. Taking into account 79 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.

Decision in Ealing

An example of a Freehold Enfranchisement matter before the tribunal for a Brentford premises 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.