Top reasons for Bookham lease extension

Why you should start your Bookham lease extension today:

Increase your lease and increase your Bookham property value

The only way is down when it comes to Bookham lease terms. Bookham flats that have a residual term less than than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will go up.

An extended lease is almost the same value as a freehold

Leasehold premises in Bookham with more than one hundred years unexpired 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 to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not issue a mortgage on a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A buyer will likely encounter difficulties in obtaining a mortgage and this could result in your Bookham property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Bookham?

Lease extensions in Bookham can be a difficult process. We recommend you get guidance from a conveyancer and surveyor with experience in this area.

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 dealing with Bookham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bookham Lease Extension Example Cases:

Sophia, Bookham, Surrey,

After protracted discussions with the freeholder of her studio apartment in Bookham, Sophia initiated the lease extension process just as the lease was approaching the critical eighty-year mark. The transaction was finalised in August 2010. The freeholder’s fees were kept to an absolute minimum.

Bookham case:

Last Summer we were contacted by Dr S Brooks , who acquired a studio apartment in Bookham in August 2011. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar homes in Bookham with a long lease were in the region of £285,000. The average ground rent payable was £45 collected quarterly. The lease ran out in 2097. Having 71 years unexpired we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 plus legals.

Bookham case:

Mr Elijah Garcia was assigned a lease of a basement flat in Bookham in July 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in Bookham with an extended lease were in the region of £225,800. The mid-range ground rent payable was £60 billed quarterly. The lease terminated in 2086. Considering the 60 years outstanding we estimated the compensation to the landlord to extend the lease to be between £24,700 and £28,600 not including professional charges.