Main reasons to start your Booker lease extension

Main reasons to commence your Booker lease extension today:

A Booker leasehold property depreciates with the years remaining on the lease.

Unfortunately that a Booker residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Booker property prices.Once your lease gets to 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under eighty years - otherwise a higher premium will be due. Most leasehold owners in Booker will be able to extend under the legislation; however a conveyancer should be able to clarify whether you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.

An extended lease has roughly the same value as a freehold

Leasehold properties in Booker with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Almost all banks and building societies will not grant a mortgage on a lease with under seventy years unexpired - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Booker property being difficult to sell or remortgage.

Why use us for your lease extension in Booker?

Regardless of whether you are a tenant or a landlord in Booker,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Booker valuers.

Booker Lease Extension Case Studies:

Eleanor, Booker, Buckinghamshire,

Off the back of protracted negotiations with the landlord of her two bedroom flat in Booker, Eleanor started the lease extension process as the eighty year threshold was swiftly advancing. The lease extension completed in April 2010. The freeholder’s costs were negotiated to approximately 450 pounds.

Booker case:

In 2013 we were approached by Ms K Evans who, having acquired a first floor flat in Booker in August 2012. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparable premises in Booker with an extended lease were valued about £218,000. The mid-range ground rent payable was £45 billed quarterly. The lease termination date was in 2089. Having 63 years remaining we calculated the premium to the landlord to extend the lease to be within £17,100 and £19,800 exclusive of legals.

Booker case:

In 2009 we were approached by Mr and Mrs. U Davies who, having completed a ground floor apartment in Booker in April 2008. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar premises in Booker with 100 year plus lease were worth £265,000. The average ground rent payable was £50 invoiced annually. The lease end date was on 3 July 2100. Taking into account 74 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.