Why you should commence your Buckhurst Hill lease extension

Top reasons for lease extension now:

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

Buckhurst Hill residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

An extended lease has roughly the same value as a freehold

Leasehold premises in Buckhurst Hill with in excess of 100 years outstanding 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to finance a property on a short lease

Lenders do not like short residential leases. You most probably experience problems if you wish to sell your flat in Buckhurst Hill if the remaining lease term is below the criteria set by most mortgage companies. Different mortgage companies have different requirements but on the whole they are looking for an unexpired term of at least seventy years.

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

The lawyers 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:

Sian, Buckhurst Hill, Essex,

After protracted negotiations with the freeholder of her purpose-built apartment in Buckhurst Hill, Sian commenced the lease extension process just as her lease was approaching the crucial 80-year threshold. The transaction was concluded in June 2011. The landlord’s fees were restricted to a tad over 550 GBP.

Buckhurst Hill case:

Mr and Mrs. N Morel was assigned a lease of a ground floor flat in Buckhurst Hill in September 2007. We are asked if we could approximate the price could be to prolong the lease by 90 years. Comparative flats in Buckhurst Hill with an extended lease were valued around £255,000. The mid-range ground rent payable was £50 collected monthly. The lease terminated on 9 January 2097. Having 71 years unexpired we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.