Main reasons to commence your Brentwood lease extension

Main reasons to commence your Brentwood lease extension today:

Increase your lease and increase your Brentwood property value

Brentwood leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Brentwood will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm your eligibility. In certain cases you may not be entitled. There are prescribed timetables and steps to follow once the process is initiated so it’s sensible to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Brentwood with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions will not issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You most probably encounter problems where you need to sell your flat in Brentwood if the remaining term of your lease is less than the criteria set by the majority of mortgage companies. Different lenders have varying requirements but on the whole they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Brentwood?

Using our service will provide you enhanced control over the value of your Brentwood leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Brentwood Lease Extension Case Summaries:

Alice, Brentwood, Essex,

After protracted correspondence with the landlord of her basement flat in Brentwood, Alice started the lease extension process as the eighty year deadline was rapidly advancing. The legal work was concluded in April 2006. The freeholder’s fees were negotiated to a tad over 650 pounds.

Brentwood case:

Last month we were called by Mr and Mrs. U Patel , who took over the lease of a one bedroom apartment in Brentwood in January 2006. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Comparative premises in Brentwood with an extended lease were worth £218,000. The average ground rent payable was £45 invoiced per annum. The lease lapsed in 2089. Taking into account 63 years remaining we calculated the premium to the landlord for the lease extension to be within £17,100 and £19,800 plus expenses.