Stop! Your Lease Extension in Brentwood Could Be FREE

Get a Free Case Review
Many leaseholders in Brentwood are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Brentwood has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Brentwood lease extension

Main reasons to commence your Brentwood lease extension today:

Increase your lease and increase your Brentwood property value

Chances are that if you own a flat in Brentwood you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Brentwood with over 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not finance a property with a short lease

Lenders are really restricting their approach as regards to properties in Brentwood with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus narrowing your market.

Lender Requirement
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.
National Westminster Bank Mortgage term plus 30 years.

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.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Brentwood lease extensions?

Irrespective of whether you are a tenant or a landlord in Brentwood,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Brentwood valuers.

Brentwood Lease Extension Case Studies:

Zoe, Brentwood, Essex,

Following lengthy discussions with the freeholder of her studio flat in Brentwood, Zoe initiated the lease extension process just as the lease was nearing the all-important 80-year mark. The transaction was finalised in May 2014. The freeholder’s charges were kept to an absolute minimum.

Brentwood case:

Mrs H Rogers was assigned a lease of a basement apartment in Brentwood in September 1995. We are asked if we could estimate the price would likely be to prolong the lease by an additional years. Identical residencies in Brentwood with an extended lease were valued about £245,000. The mid-range ground rent payable was £50 collected annually. The lease elapsed in 2094. Taking into account 68 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Decision in Havering

An example of a Lease Extension matter before the tribunal for a Brentwood flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case was in relation to 1 flat. The unexpired lease term was 57.5 years.