Main reasons to start your Boreham lease extension

Why you should start your Boreham lease extension today:

Increase your lease and increase your Boreham property value

Boreham leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Boreham enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Boreham you should see if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

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

It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders will not lend on a short lease

Banks and building societies do not lend on short residential leases. You most probably experience difficulties where you want to sell your flat in Boreham if the remaining lease term is less than the criteria set by the majority of banks and building societies. Different lenders have different criteria but on the whole theyrequire an unexpired term of at least 65 years.

What makes us experts in Boreham lease extensions?

Irrespective of whether you are a tenant or a freeholder in Boreham,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Boreham valuers.

Boreham Lease Extension Case Summaries:

Finley, Boreham, Essex,

Finley was the the leasehold owner of a studio apartment in Boreham on the market with a lease of just over 59 years remaining. Finley informally spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Finley to invoke his statutory right. Finley obtained expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Boreham case:

In 2014 we were e-mailed by Mr and Mrs. J Khan who, having was assigned a lease of a recently refurbished flat in Boreham in October 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Similar premises in Boreham with a long lease were worth £254,200. The mid-range ground rent payable was £60 billed yearly. The lease terminated in 2077. Taking into account 51 years as a residual term we approximated the premium to the landlord for the lease extension to be within £43,700 and £50,600 exclusive of legals.

Boreham case:

Mrs J Stewart purchased a purpose-built flat in Boreham in June 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Similar properties in Boreham with a long lease were in the region of £210,600. The mid-range ground rent payable was £45 billed yearly. The lease concluded in 2088. Considering the 62 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of costs.