Why you should commence your Brentwood lease extension

Why you should commence your Brentwood lease extension today:

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

Brentwood leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Brentwood enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Brentwood you would be well advised to see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

Brentwood property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to lend on a short lease

Nearly all mortgage lenders will not lend on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will undoubtedly find it difficult in obtaining a mortgage and this could result in your Brentwood property becoming difficult to dispose of or to obtain finance on.

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

Lease extensions in Brentwood can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Brentwood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brentwood Lease Extension Example Cases:

Jason, Brentwood, Essex

18 months ago Jason, came seriously near to the 80-year threshold with the lease on his one bedroom flat in Brentwood. In buying his home two decades ago, the unexpired term was of little bearing. by good luck, he realised he would soon be paying way over the odds for a lease extension. Jason was able to extend his lease at the eleventh hour in July. Jason and the freeholder ultimately settled on the final figure of £5,000 . If he not met the deadline, the amount would have increased by a minimum £1,125.

Brentwood case:

In 2010 we were contacted by Dr Aimee Jackson who, having completed a garden apartment in Brentwood in May 2011. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Similar flats in Brentwood with 100 year plus lease were in the region of £255,000. The mid-range ground rent payable was £50 collected per annum. The lease came to a finish in 2097. Considering the 71 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.