Top reasons for Buckhurst Hill lease extension

Main reasons to commence your Buckhurst Hill lease extension today:

A Buckhurst Hill lease depreciates with the years remaining on the lease.

It’s an underpublicised certainty that a Buckhurst Hill residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Buckhurst Hill property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. If the number of years remaining falls below 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Buckhurst Hill will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer for the duration of the formalities.

An extended lease has roughly the same value as a freehold

Leasehold properties in Buckhurst Hill with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not lend with a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Considering many flats in Buckhurst Hill were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Buckhurst Hill lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you increased control over the value of your Buckhurst Hill leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Buckhurst Hill Lease Extension Case Summaries:

Jude, Buckhurst Hill, Essex

In recent months Jude, came critically near to the eighty-year threshold with the lease on his basement apartment in Buckhurst Hill. In buying his flat two decades ago, the length of the lease was of no bearing. Luckily, he realised he would soon be paying an escalated premium for Extending the lease. Jude extended the lease at the eleventh hour in September. Jude and the freeholder via the managing agents subsequently settled on sum of £5,500 . If he failed to meet the deadline, the figure would have become more costly by at least £950.

Buckhurst Hill case:

Last Summer we were approach by Mr T Baker , who owned a one bedroom flat in Buckhurst Hill in May 2005. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical residencies in Buckhurst Hill with an extended lease were valued about £225,400. The average ground rent payable was £45 invoiced quarterly. The lease expiry date was on 2 May 2090. Considering the 64 years outstanding we estimated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 plus fees.