Top reasons for Boreham lease extension

Why you should start your Boreham lease extension today:

Increase your lease and increase your Boreham property value

Unfortunately that a Boreham 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 first few years due to the loss of value being disguised by increases in the Boreham property market.Once your lease nears 85ish years, you should start considering a lease extension. If lease term slips under eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Boreham will be able to extend under the legislation; however a lawyer should be able to clarify whether you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the process.

Boreham property with a lease extension is almost the same value as a freehold

Leasehold properties in Boreham with in excess of 100 years remaining on the lease are sometimes referred to as ‘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 buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not loan monies with a short lease

Almost all banks and building societies require a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Boreham lease extensions?

Engaging our service will provide you better control over the value of your Boreham leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Boreham Lease Extension Case Studies:

Alice, Boreham, Essex,

In the wake of 6 months of unsuccessful negotiations with the landlord of her basement apartment in Boreham, Alice commenced the lease extension process just as the lease was nearing the all-important eighty-year threshold. The lease extension completed in October 2014. The landlord’s charges were kept to an absolute minimum.

Boreham case:

In 2012 we were approached by Dr Thomas Brooks who, having was assigned a lease of a one bedroom apartment in Boreham in June 2006. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Identical homes in Boreham with an extended lease were valued about £218,000. The average amount of ground rent was £45 billed yearly. The lease ran out in 2089. Having 63 years outstanding we calculated the premium to the freeholder to extend the lease to be within £17,100 and £19,800 not including legals.

Boreham case:

Last month we were approach by Mr and Mrs. P Pérez , who owned a garden flat in Boreham in April 1997. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative properties in Boreham with 100 year plus lease were worth £270,000. The mid-range ground rent payable was £55 collected every twelve months. The lease ran out in 2100. Taking into account 74 years remaining we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.