Main reasons to start your Box lease extension

Top reasons for lease extension now:

A Box lease depreciates with the years remaining on the lease.

Box leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Box enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Box you should investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

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

Leasehold premises in Box with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not grant a mortgage on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are considered to be insufficient security.

What makes us experts in Box lease extensions?

Lease extensions in Box can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Box lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Box Lease Extension Example Cases:

Arthur, Box, Wiltshire

16 months ago Arthur, came critically close to the 80-year threshold with the lease on his garden flat in Box. In buying his property twenty years ago, the lease term was of little importance. Luckily, he realised he would imminently be paying way over the odds for Extending the lease. Arthur was able to extend his lease just under the wire last September. Arthur and the freeholder via the managing agents subsequently settled on an amount of £6,000 . If he not met the deadline, the price would have become more costly by a minimum £850.

Box case:

Mr and Mrs. G Martínez owned a basement apartment in Box in June 2009. The question was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Identical homes in Box with a long lease were in the region of £285,000. The average amount of ground rent was £55 billed monthly. The lease expiry date was on 28 May 2105. Considering the 79 years unexpired we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus expenses.

Box case:

Last year we were approach by Ms Ellie Allen , who owned a studio apartment in Box in July 1996. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Comparative premises in Box with an extended lease were valued around £193,400. The mid-range amount of ground rent was £65 collected quarterly. The lease came to a finish in 2085. Having 59 years remaining we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including fees.