Main reasons to start your Broxbourne lease extension

Main reasons to start your Broxbourne lease extension today:

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

Broxbourne leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Broxbourne enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Broxbourne you really ought to investigate if your lease has between seventy and 90 years left. There are good reasons why a Broxbourne flat owner with a lease having around 80 years left should take action to make sure that a lease extension is effected without delay

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

Leasehold residencies in Broxbourne with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders will not grant a mortgage with a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is probable that someone wanting to acquire your property in the future might well do, so where they are not able to get a mortgage, then the financial worth of the property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Broxbourne lease extensions?

Engaging our service gives you increased control over the value of your Broxbourne leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Broxbourne Lease Extension Case Studies:

Holly, Broxbourne, Hertfordshire,

Off the back of unsuccessful negotiations with the freeholder of her garden apartment in Broxbourne, Holly commenced the lease extension process just as her lease was coming close to the critical eighty-year deadline. The lease extension completed in November 2013. The freeholder’s costs were negotiated to approximately 500 pounds.

Broxbourne case:

Mr Luke Carter acquired a garden apartment in Broxbourne in March 2009. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by an additional years. Comparative flats in Broxbourne with a long lease were worth £280,000. The average ground rent payable was £55 invoiced every twelve months. The lease ended on 18 June 2103. Taking into account 77 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of costs.

Broxbourne case:

In 2014 we were contacted by Mrs Mia Kelly who, having bought a ground floor flat in Broxbourne in March 2007. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Identical homes in Broxbourne with a long lease were worth £183,600. The average ground rent payable was £65 collected every twelve months. The lease elapsed in 2083. Given that there were 57 years remaining we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including fees.