Why you should commence your Brentford lease extension

Top reasons for lease extension now:

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

The market value of a leasehold property in Brentford is impacted by how long the lease has left to run. If it is near to or fewer than 80 years you should envisage difficulties on re-sale, so it is advisable to arrange for a lease extension before buying. It is preferable to commence the lease extension process when a lease still has 82 years unexpired so that a lease extension can be addressed prior to the 80 year mark. Statute entitles Brentford qualifying lessees to an additional term of 90 years in addition to the unexpired term, at a peppercorn rent (no ground rent). The reason of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

Leasehold premises in Brentford with more than 100 years left 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 reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may not grant a mortgage on a short lease

Lenders do not like short residential leases. You most probably encounter difficulties where you want to sell your flat in Brentford if the unexpired lease term is below the criteria set by most mortgage companies. Different lenders have different requirements but in the main theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our Brentford lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Brentford,the lease extension lawyers 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.

Brentford Lease Extension Case Summaries:

Tommy, Brentford, West London

Two years ago Tommy, started to get near to the eighty-year threshold with the lease on his leasehold flat in Brentford. In buying his home two decades ago, the lease term was of little interest. Fortunately, he noticed he would imminently be paying an inflated amount for Extending the lease. Tommy was able to extend his lease just ahead of time last March. Tommy and the landlord who owned the flat above ultimately settled on the final figure of £6,000 . If the lease had dropped to less than eighty years, the sum would have gone up by a minimum £1,125.

Brentford case:

Last Autumn we were approach by Mr and Mrs. B Turner , who took over the lease of a studio flat in Brentford in January 2009. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Similar homes in Brentford with 100 year plus lease were in the region of £248,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease finished on 28 April 2089. Given that there were 63 years outstanding we calculated the premium to the freeholder for the lease extension to be between £20,900 and £24,200 plus expenses.