Main reasons to start your Bourne End lease extension

Main reasons to start your Bourne End lease extension today:

A Bourne End lease depreciates with the years remaining on the lease.

For anyone whose Bourne End property is held on a long lease, our message is clear – if you do nothing, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

Bourne End property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions will not grant a mortgage on a short lease

Mortgage lenders have set criteria when lending monies secured on leasehold homes. Some will simply refrain from lending at all once the residual lease term falls lower than a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below seventy years suitable security. As well as impacting your ability to sell, it is also relevant if you are seeking to remortgage your Bourne End property.

Why use us for your lease extension in Bourne End?

Irrespective of whether you are a tenant or a landlord in Bourne End,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bourne End valuers.

Bourne End Lease Extension Example Cases:

John, Bourne End, Buckinghamshire

Last year John, started to get close to the eighty-year threshold with the lease on his purpose- built flat in Bourne End. In buying his flat two decades ago, the unexpired term was of little relevance. As luck would have it, he noticed he would soon be paying an inflated amount for a lease extension. John was able to extend his lease just in the nick of time in April. John and the freeholder via the managing agents subsequently settled on the final figure of £6,000 . If the lease had gone to less than 80 years, the price would have gone up by a minimum £1,125.

Bourne End case:

In 2012 we were phoned by Dr A Clarke who, having was assigned a lease of a studio flat in Bourne End in January 2006. The question was if we could approximate the premium could be for a 90 year extension to my lease. Similar properties in Bourne End with a long lease were in the region of £176,200. The average amount of ground rent was £65 billed quarterly. The lease terminated on 24 March 2082. Having 56 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £29,500 and £34,000 not including fees.

Bourne End case:

In 2012 we were approached by Ms G García who, having was assigned a lease of a ground floor flat in Bourne End in September 1996. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparable properties in Bourne End with a long lease were in the region of £242,600. The mid-range ground rent payable was £45 invoiced monthly. The lease came to a finish in 2093. Having 67 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 exclusive of legals.