Top reasons for Brook Green lease extension

Top reasons for lease extension now:

Increase your lease and increase your Brook Green property value

With a domestic leasehold property in Brook Green, you are actually buying an entitlement to live in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than eighty years remaining. Residents in Brook Green with a lease nearing 81 years left should seriously think of extending it without delay. Once a lease has under eighty years outstanding, under the relevant legislation the landlord is entitled to calculate and charge a larger amount, based on a technical computation, strangely termed as “marriage value” which is payable.

Brook Green property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Lending institutions have specific criteria when lending funds charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term drops below a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Brook Green home.

What makes us experts in Brook Green lease extensions?

Lease extensions in Brook Green can be a difficult process. We recommend you secure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Brook Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brook Green Lease Extension Case Summaries:

Tommy, Brook Green, West London

Half a year ago Tommy, started to get near to the 80-year threshold with the lease on his two bedroom apartment in Brook Green. Having bought his property 19 years ago, the lease term was of little relevance. As luck would have it, he became aware that he needed to take steps soon on a lease extension. Tommy was able to extend his lease just in the nick of time last April. Tommy and the landlord eventually settled on a premium of £5,000 . If the lease had dropped lower than 80 years, the figure would have increased by at least £925.

Brook Green case:

In 2009 we were phoned by Mr and Mrs. F Torres who, having acquired a one bedroom apartment in Brook Green in February 2001. We are asked if we could approximate the price could be for a ninety year lease extension. Comparable flats in Brook Green with a long lease were valued around £295,000. The average ground rent payable was £45 invoiced every twelve months. The lease concluded on 20 March 2100. Taking into account 74 years remaining we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.