Main reasons to start your Buckhurst Hill lease extension

Why you should commence your Buckhurst Hill lease extension today:

Increase your lease and increase your Buckhurst Hill property value

Buckhurst Hill leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Buckhurst Hill residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Buckhurst Hill you would be well advised to check if your lease has between seventy and 90 years left. There are good reasons why a Buckhurst Hill flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in Buckhurst Hill with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not loan monies with a short lease

Banks and building societies are really restricting their approach as regards to homes in Buckhurst Hill with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus reducing the amount of potential buyers.

What makes us experts in Buckhurst Hill lease extensions?

The conveyancers that we work with undertake Buckhurst Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Buckhurst Hill Lease Extension Example Cases:

Emma, Buckhurst Hill, Essex,

In the wake of 6 months of lengthy negotiations with the landlord of her studio apartment in Buckhurst Hill, Emma commenced the lease extension process just as her lease was coming close to the all-important 80-year threshold. The legal work was concluded in June 2006. The freeholder’s fees were restricted to about 650 GBP.

Buckhurst Hill case:

Last Christmas we were approach by Dr R Mason , who was assigned a lease of a studio flat in Buckhurst Hill in October 1999. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Comparable premises in Buckhurst Hill with an extended lease were worth £285,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease ran out on 1 October 2105. Taking into account 79 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including costs.