Top reasons for Buckden lease extension

Why you should commence your Buckden lease extension today:

Increase your lease and increase your Buckden property value

Buckden 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 your lease becomes more expensive. It is the case that most Buckden tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Buckden you would be well advised to see if your lease has between 70 and ninety years remaining. There are good reasons why a Buckden leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

Leasehold properties in Buckden with more than one hundred years left on the lease are often regarded as a ‘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 estate charges merit it.

Banks and Building Societies may not loan monies on a short lease

Most banks and building societies insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be aware that it is likely that someone wishing to purchase your property in the future might well do, so in the event that they can't get a mortgage, then the financial worth of your property will likely suffer. Since 2008 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 Buckden lease extensions?

The conveyancing solicitors that we work with handle Buckden lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Buckden Lease Extension Case Summaries:

Madeleine, Buckden, Cambridgeshire,

Subsequent to protracted discussions with the landlord of her one bedroom flat in Buckden, Madeleine initiated the lease extension process as the 80 year deadline was quickly nearing. The lease extension was concluded in November 2008. The landlord’s costs were kept to an absolute minimum.

Buckden case:

Mrs G Clarke owned a studio apartment in Buckden in March 2005. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparable homes in Buckden with 100 year plus lease were worth £189,000. The mid-range amount of ground rent was £55 collected per annum. The lease finished on 20 September 2079. Given that there were 53 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including fees.

Buckden case:

Last year we were e-mailed by Dr G Laurent , who purchased a first floor apartment in Buckden in April 1999. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Identical homes in Buckden with an extended lease were in the region of £290,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease finished in 2099. Considering the 73 years left we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.