Why you should commence your Booker lease extension

Why you should commence your Booker lease extension today:

Increase your lease and increase your Booker property value

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Booker can extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Booker lease extension. Putting off that expense now simply increases the amount you will eventually be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold properties in Booker with more than 100 years left on the lease are often regarded as a ‘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 purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to lend with a short lease

Lenders do not like short residential leases. You are likely to experience difficulties where you want to sell your flat in Booker if the remaining term of your lease is under the criteria set by the majority of lenders. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Booker lease extensions?

The lawyers that we work with handle Booker 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 conveyancing solicitor we work with provide it.

Booker Lease Extension Case Studies:

Blake, Booker, Buckinghamshire,

Blake owned a conversion apartment in Booker being marketed with a lease of just over 72 years outstanding. Blake informally approached his freeholder being a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Blake to exercise his statutory right. Blake procured expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.

Booker case:

Last May we were called by Mr and Mrs. D Gunderson , who was assigned a lease of a one bedroom flat in Booker in August 2010. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative premises in Booker with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 billed monthly. The lease concluded in 2097. Given that there were 71 years remaining we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.

Booker case:

In 2014 we were called by Mr and Mrs. G White who, having owned a garden flat in Booker in July 2000. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Identical homes in Booker with an extended lease were in the region of £254,200. The average ground rent payable was £60 collected monthly. The lease finished on 27 April 2077. Considering the 51 years unexpired we estimated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 not including expenses.