Stop! Your Lease Extension in Brentwood Could Be FREE

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Many leaseholders in Brentwood are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Brentwood has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Brentwood lease extension

Top reasons for lease extension now:

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

Brentwood residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders will not grant a mortgage with a short lease

Banks and building societies do not grant a mortgage on short residential leases. You most probably experience difficulties if you need to sell your flat in Brentwood if the remaining term of your lease is less than the criteria set by most lenders. Different mortgage companies have varying criteria but on the whole they are looking for a minimum remaining lease term of 65 years.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

What makes us experts in Brentwood lease extensions?

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 terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Brentwood Lease Extension Case Summaries:

Abbie, Brentwood, Essex,

In the wake of 6 months of protracted negotiations with the landlord of her studio flat in Brentwood, Abbie initiated the lease extension process as the eighty year mark was rapidly coming. The lease extension was finalised in November 2012. The landlord’s costs were restricted to approximately 450 GBP.

Brentwood case:

In 2009 we were phoned by Mr and Mrs. C Garcia who, having bought a studio flat in Brentwood in July 2000. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Comparable homes in Brentwood with a long lease were worth £290,000. The average amount of ground rent was £55 invoiced monthly. The lease concluded on 10 May 2106. Given that there were 80 years outstanding we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.

Decision in Havering

An example of a Lease Extension decision for a Brentwood premises is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired term was 57.5 years.