Top reasons for Buckden lease extension

Main reasons to commence your Buckden lease extension today:

Increase your lease and increase your Buckden property value

The nearer a residential lease in Buckden nears to zero years unexpired, the more it reduces the value of the property. If the lease has, more than 100 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease without delay. Most flat owners in Buckden will meet the qualifying criteria; however a conveyancer should be able to confirm if you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This will be problematic as and when you wish to dispose of or remortgage your flat as it will be effectively unmortgageable. Even though you might have no imminent plan to sell but when you do your purchaser must wait two years before they can exercise the right to a a lease extension.

Why use us for your lease extension in Buckden?

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

Buckden Lease Extension Example Cases:

Caleb, Buckden, Cambridgeshire,

Caleb owned a 2 bedroom flat in Buckden on the market with a lease of a little over 61 years outstanding. Caleb informally approached his freeholder a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 yearly. Ordinarily, ground rent would not be payable on a lease extension were Caleb to invoke his statutory right. Caleb procured expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Buckden case:

In 2013 we were phoned by Mr and Mrs. W Lambert who, having bought a recently refurbished flat in Buckden in January 2007. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Buckden with an extended lease were valued around £257,800. The mid-range amount of ground rent was £65 invoiced annually. The lease concluded in 2091. Given that there were 65 years as a residual term we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of costs.

Buckden case:

Last Autumn we were called by Mrs Ellie Cooper , who purchased a ground floor flat in Buckden in March 1997. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Identical homes in Buckden with 100 year plus lease were worth £191,400. The average ground rent payable was £55 collected every twelve months. The lease ran out in 2080. Considering the 54 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £34,200 and £39,600 exclusive of fees.