Main reasons to commence your Brentwood lease extension

Main reasons to commence your Brentwood lease extension today:

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

The market value of Brentwood leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than eighty years

Brentwood property with a lease extension has roughly the same value as a freehold

Leasehold premises in Brentwood with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not grant a mortgage on a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under 70 years remaining - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this could result in your Brentwood property being difficult to dispose of or refinance.

Why use us for your lease extension in Brentwood?

Lease extensions in Brentwood can be a difficult process. We recommend you secure professional help 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 procuring Brentwood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brentwood Lease Extension Example Cases:

Sam, Brentwood, Essex,

Sam owned a studio flat in Brentwood being sold with a lease of a little over 61 years unexpired. Sam on an informal basis approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Sam to invoke his statutory right. Sam obtained expert advice and was able to make an informed decision and deal with the matter and readily saleable.

Brentwood case:

Last Autumn we were approach by Ms N Patel , who purchased a one bedroom apartment in Brentwood in May 1998. The question was if we could approximate the premium would be to extend the lease by a further 90 years. Comparable residencies in Brentwood with an extended lease were worth £193,400. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease concluded on 28 June 2085. Having 59 years remaining we approximated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 not including legals.