Main reasons to start your 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.

On the balance of probabilities if you own a flat in Buckhurst Hill you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Buckhurst Hill with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may not grant a mortgage on a short lease

Most banks have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be insufficient for lending purposes.

Why use us for your lease extension in Buckhurst Hill?

Lease extensions in Buckhurst Hill can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Buckhurst Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Buckhurst Hill Lease Extension Case Studies:

Jude, Buckhurst Hill, Essex

Half a year ago Jude, came dangerously close to the eighty-year threshold with the lease on his one bedroom apartment in Buckhurst Hill. Having purchased his flat two decades ago, the lease term was of minimal relevance. Fortunately, he recognised he would imminently be paying an escalated premium for Extending the lease. Jude was able to extend his lease just under the wire last May. Jude and the freeholder via the management company eventually agreed on an amount of £5,000 . If the lease had fallen to less than eighty years, the sum would have escalated by at least £1,050.

Buckhurst Hill case:

Last year we were approach by Mr and Mrs. D Walker , who purchased a newly refurbished apartment in Buckhurst Hill in July 1997. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Comparable flats in Buckhurst Hill with 100 year plus lease were in the region of £261,600. The average amount of ground rent was £60 invoiced per annum. The lease finished in 2078. Taking into account 52 years unexpired we calculated the premium to the landlord to extend the lease to be between £39,000 and £45,000 plus expenses.