Top reasons for Buckhurst Hill lease extension
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Why you should commence your Buckhurst Hill lease extension today: </h3>
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/buckhurst-hill">Buckhurst Hill</a> property value </h4>
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Buckhurst Hill 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 becomes more expensive. It is the case that most Buckhurst Hill tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Buckhurst Hill you should see if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value <h4>An extended lease is almost the same value as a freehold</h4>
<p> It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years ahead.
<h4>Banks and Building Societies may not lend with a short lease</h4> Lenders are really clamping down as regards to properties in Buckhurst Hill with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting the amount of potential buyers.
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<tr><th>Lender</th>
<th> Requirement
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<td>Coventry Building Society</td>
<td> A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Royal Bank of Scotland</td>
<td> Mortgage term plus 30 years.
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<td>Virgin</td>
<td> 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
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<td>Yorkshire Building Society</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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<h4> Get in touch with one of our Buckhurst Hill lease extension solicitors or enfranchisement solicitors
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<p> Regardless of whether you are a tenant or a freeholder in Buckhurst Hill,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Buckhurst Hill valuers.
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Buckhurst Hill Lease Extension Case Summaries:
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<h5> Grace, Buckhurst Hill, Essex,</h5>
<p> In the wake of eight months of unsuccessful negotiations with the landlord of her two bedroom apartment in Buckhurst Hill, Grace initiated the lease extension process as the eighty year deadline was quickly advancing. The transaction completed in February 2005. The landlord’s charges were kept to an absolute minimum.
<h5>Buckhurst Hill case:</h5>
<p> Ms Ellen Rivera was assigned a lease of a newly refurbished flat in Buckhurst Hill in April 2002. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Comparable flats in Buckhurst Hill with 100 year plus lease were worth £265,000. The average amount of ground rent was £50 collected yearly. The lease lapsed in 2099. Considering the 73 years remaining we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.
<div> <h5>Decision in Redbridge</h5>
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An example of a Freehold Enfranchisement matter before the tribunal for a Buckhurst Hill flat is
201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071.
This case affected 2 flats. The remaining number of years on the lease was 69.26 years.
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