Main reasons to start your Brentwood lease extension

Main reasons to commence your Brentwood lease extension today:

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

Brentwood leases on residential properties are gradually losing value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. If lease term falls under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Brentwood will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In some cases you may not qualify. There are also strict timetables and procedures to comply with once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

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

Almost all mortgage companies will be unwilling to lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this will result in your Brentwood property becoming difficult to dispose of or refinance.

What makes us experts in Brentwood lease extensions?

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

Brentwood Lease Extension Example Cases:

Callum, Brentwood, Essex

14 months ago Callum, started to get close to the eighty-year mark with the lease on his two bedroom apartment in Brentwood. In buying his home 18 years previously, the length of the lease was of little concern. Thankfully, he realised he would soon be paying way over the odds for Extending the lease. Callum arranged for a lease extension just under the wire last August. Callum and the freeholder eventually settled on a premium of £5,500 . If he not met the deadline, the price would have become more costly by a minimum £1,100.

Brentwood case:

Last March we were e-mailed by Dr Zoe Jackson , who acquired a first floor flat in Brentwood in August 2009. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparative premises in Brentwood with 100 year plus lease were in the region of £173,800. The mid-range ground rent payable was £60 billed every twelve months. The lease expired on 6 June 2081. Taking into account 55 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of legals.