Why you should start your Booker lease extension

Main reasons to start your Booker lease extension today:

Increase your lease and increase your Booker property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Booker. Clearly, the term of lease remaining shortens over time. This is often overlooked and only raises itself as an issue when the property needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Booker have the legal entitlement to extend the lease for an additional 90 years under legislation. Do give due consideration before delaying your Booker lease extension. Holding off that expense now likely increases the price you will eventually have to pay for a lease extension

Booker property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may not finance a property with a short lease

Banks and building societies are really clamping down as regards to properties in Booker with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing your market.

Why use us for your lease extension in Booker?

Using our service will provide you enhanced control over the value of your Booker leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Booker Lease Extension Case Studies:

Rhiannon, Booker, Buckinghamshire,

Subsequent to unsuccessful discussions with the freeholder of her garden flat in Booker, Rhiannon started the lease extension process just as her lease was approaching the critical 80-year deadline. The legal work completed in January 2010. The landlord’s costs were kept to an absolute minimum.

Booker case:

In 2010 we were contacted by Mrs Lily Girard who, having bought a garden apartment in Booker in February 2008. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical residencies in Booker with a long lease were in the region of £193,400. The average amount of ground rent was £65 invoiced per annum. The lease finished in 2085. Considering the 59 years as a residual term we estimated the premium to the landlord to extend the lease to be between £21,900 and £25,200 plus costs.

Booker case:

In 2013 we were phoned by Dr J Sharif who, having bought a one bedroom apartment in Booker in October 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Identical flats in Booker with an extended lease were valued around £255,000. The mid-range amount of ground rent was £50 collected monthly. The lease ran out in 2096. Taking into account 70 years left we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.