The closer a domestic lease in Brentford gets to zero years unexpired, the more it reduces the value of the property. If the lease has, more than 99 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Many flat owners in Brentford will qualify for this right; nevertheless a lawyer can confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.
Leasehold premises in Brentford with over one hundred years unexpired on the lease are often referred to as ‘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 upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.
| 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. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
Regardless of whether you are a tenant or a landlord in Brentford,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Brentford valuers.
16 months ago Kai, started to get near to the eighty-year threshold with the lease on his ground floor flat in Brentford. In buying his property 18 years previously, the lease term was of no importance. Thankfully, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Kai arranged for a lease extension just ahead of time last July. Kai and the landlord eventually settled on an amount of £5,000 . If he not met the deadline, the figure would have become more exhorbitant by a minimum £975.
Mr Toby Rose took over the lease of a purpose-built flat in Brentford in January 1997. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical flats in Brentford with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease expired in 2086. Considering the 61 years as a residual term we calculated the premium to the landlord to extend the lease to be within £22,800 and £26,400 plus costs.
An example of a Freehold Enfranchisement case 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.