Why you should commence your Buckhurst Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Buckhurst Hill property value

The nearer a residential lease in Buckhurst Hill gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, more than 125 years remaining then this decrease may be negligible however there will become a stage when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Many flat owners in Buckhurst Hill will qualify for this right; however a lawyer can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

Leasehold properties in Buckhurst Hill with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to issue a mortgage with a short lease

Lenders do not lend on short residential leases. You most probably encounter difficulties where you need to sell your flat in Buckhurst Hill if the remaining term of your lease is below the criteria set by the majority of lenders. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least seventy years.

What makes us experts in Buckhurst Hill lease extensions?

The lawyers that we work with handle 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 lawyer we work with provide it.

Buckhurst Hill Lease Extension Example Cases:

Connor, Buckhurst Hill, Essex,

Connor was the the leasehold proprietor of a high value flat in Buckhurst Hill on the market with a lease of a little over 59 years remaining. Connor on an informal basis approached his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Connor to exercise his statutory right. Connor procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.

Buckhurst Hill case:

Last Winter we were approach by Mr and Mrs. E Rodríguez , who was assigned a lease of a garden flat in Buckhurst Hill in January 1996. We are asked if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Similar flats in Buckhurst Hill with 100 year plus lease were valued around £270,000. The mid-range ground rent payable was £55 billed monthly. The lease terminated on 7 August 2101. Taking into account 75 years remaining we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.