Brentford leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Brentford tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Brentford you must investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Brentford flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is actioned without delay
It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
Lender | Requirement |
---|---|
Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
Halifax | Minimum 70 years from the date of the mortgage. |
Lloyds TSB Scotland | Minimum 70 years from the date of the mortgage. |
Royal Bank of Scotland | Mortgage term plus 30 years. |
Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Brentford can be a difficult process. We recommend you get professional help from a lawyer and valuer 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 Brentford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following lengthy negotiations with the freeholder of her one bedroom flat in Brentford, Amber initiated the lease extension process just as the lease was nearing the all-important 80-year mark. The transaction completed in May 2013. The freeholder’s costs were restricted to below 500 pounds.
Dr E Johnson moved into a ground floor flat in Brentford in August 2004. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Similar properties in Brentford with 100 year plus lease were worth £225,800. The average ground rent payable was £60 collected monthly. The lease elapsed on 4 August 2085. Given that there were 60 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 not including legals.
An example of a Freehold Enfranchisement case for a Brentford residence is 105 & 105A Seaford Road in July 2013. The tribunal determined that the price payable for the freehold interest in the Property was £43,985 . This sum was to be paid into Brentford County Court to enable the matter to proceed This case was in relation to 2 flats.