Main reasons to commence your Brentford lease extension

Why you should commence your Brentford lease extension today:

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

It’s a harsh truth that a Brentford residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Brentford property prices.Once your lease nears 85ish years, you should start considering a lease extension. If the number of years remaining slips below eighty years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee 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 lawyer should be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your lawyer for the duration of the formalities.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions will not loan monies on a short lease

Most banks and building societies will be unwilling to lend on a lease with less than 70 years left to run - although this varies from lender to lender. A buyer will no doubt find it difficult in obtaining a mortgage and this could result in your Brentford property becoming difficult to dispose of or to obtain finance on.

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

Regardless of whether you are a tenant or a freeholder in Brentford,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Brentford valuers.

Brentford Lease Extension Example Cases:

Rosie, Brentford, West London,

After unsuccessful discussions with the landlord of her two bedroom flat in Brentford, Rosie commenced the lease extension process just as her lease was approaching the crucial eighty-year mark. The legal work was finalised in April 2012. The freeholder’s charges were restricted to less than 650 GBP.

Brentford case:

Last September we were approach by Mr and Mrs. K Williams , who acquired a one bedroom apartment in Brentford in February 1995. The question was if we could approximate the price could be to extend the lease by 90 years. Comparable premises in Brentford with 100 year plus lease were worth £223,400. The mid-range ground rent payable was £60 billed quarterly. The lease elapsed in 2085. Taking into account 59 years left we estimated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 not including legals.