Buckhurst Hill Lease Extension - Free Consultation

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Main reasons to start your Buckhurst Hill lease extension


Top reasons for lease extension now:

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

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Buckhurst Hill. Clearly, the term of lease left reduces over time. This may pass by relatively unnoticed when the property needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Buckhurst Hill have the right to extend the lease for an additional 90 years under legislation. Please give due deliberation before putting off your Buckhurst Hill lease extension. Holding off the cost now simply increases the price you will ultimately have to pay to extend your lease

Buckhurst Hill property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

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

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. Given that a number of flats in Buckhurst Hill were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Lender Requirement
Coventry Building Society 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.
Godiva Mortgages 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.
National Westminster Bank Mortgage term plus 30 years.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Buckhurst Hill?

Regardless of whether you are a tenant or a freeholder in Buckhurst Hill,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Buckhurst Hill valuers.

Buckhurst Hill Lease Extension Example Cases:

Samuel, Buckhurst Hill, Essex,

Samuel was the the leasehold owner of a conversion flat in Buckhurst Hill being marketed with a lease of fraction over sixty years left. Samuel informally contacted his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Samuel to invoke his statutory right. Samuel obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Buckhurst Hill case:

Last Summer we were called by Mr and Mrs. S Díaz , who took over the lease of a one bedroom apartment in Buckhurst Hill in October 2011. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical homes in Buckhurst Hill with 100 year plus lease were worth £242,600. The average ground rent payable was £45 billed annually. The lease concluded in 2091. Taking into account 67 years outstanding we calculated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 not including fees.

Decision in Redbridge

An example of a Freehold Enfranchisement decision for a Buckhurst Hill premises 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 was in relation to 2 flats. The number of years remaining on the existing lease(s) was 69.26 years.