Main reasons to commence your Brook Green lease extension

Main reasons to commence your Brook Green lease extension today:

A Brook Green lease depreciates with the years remaining on the lease.

The value of Brook Green leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the unexpired lease term is less than eighty years

Brook Green property with a lease extension 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 additional 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to issue a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This will cause difficulties once you wish to sell or refinance your property as it will be practically unmortgageable. You might have no imminent intention to sell but when you do your purchaser will have to wait 2 years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in Brook Green?

Regardless of whether you are a tenant or a freeholder in Brook Green,the lease extension lawyers 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 Brook Green valuers.

Brook Green Lease Extension Example Cases:

Nathan, Brook Green, West London,

Nathan was the the leasehold owner of a high value apartment in Brook Green on the market with a lease of just over 59 years remaining. Nathan informally contacted his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Nathan to invoke his statutory right. Nathan obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the flat.

Brook Green case:

Mr Y Simon took over the lease of a studio apartment in Brook Green in September 2003. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Identical premises in Brook Green with an extended lease were worth £240,600. The average amount of ground rent was £60 collected per annum. The lease lapsed on 15 November 2088. Having 62 years outstanding we estimated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of expenses.