Main reasons to start your Little Burstead lease extension

Top reasons for lease extension now:

Increase your lease and increase your Little Burstead property value

With a domestic leasehold property in Little Burstead, you effectively rent it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are fewer than eighty years left. Residents in Little Burstead with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. When the lease term has under 80 years remaining, under the relevant Act the landlord is entitled to calculate and demand a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may not loan monies with a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Little Burstead property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Little Burstead?

Engaging our service gives you increased control over the value of your Little Burstead leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Little Burstead Lease Extension Example Cases:

Jessica, Little Burstead, Essex,

Following unsuccessful correspondence with the landlord of her two bedroom apartment in Little Burstead, Jessica commenced the lease extension process as the 80 year mark was rapidly coming. The lease extension was finalised in September 2012. The landlord’s costs were restricted to less than 500 pounds.

Little Burstead case:

Last Summer we were called by Mrs Elizabeth Mason , who owned a one bedroom apartment in Little Burstead in October 1995. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparative homes in Little Burstead with 100 year plus lease were valued about £252,800. The average ground rent payable was £65 invoiced monthly. The lease elapsed in 2091. Given that there were 65 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 not including legals.

Little Burstead case:

Last August we were contacted by Dr Laura Lambert , who moved into a ground floor flat in Little Burstead in July 1998. The question was if we could approximate the price would be for a 90 year extension to my lease. Similar homes in Little Burstead with a long lease were valued about £191,400. The average ground rent payable was £55 invoiced annually. The lease came to a finish in 2080. Considering the 54 years left we approximated the compensation to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of expenses.