Main reasons to start your Buckhurst Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Buckhurst Hill property value

Buckhurst Hill leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Buckhurst Hill tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Buckhurst Hill you must investigate if your lease has between seventy and ninety years left. There are good reasons why a Buckhurst Hill leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions will not finance a property with a short lease

Most mortgage lenders require a lengthy amount of time left on a leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should be aware that it is probable that someone intending to purchase your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of your property will likely be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Buckhurst Hill?

The conveyancers that we work with procure Buckhurst Hill 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 conveyancing solicitor we work with provide it.

Buckhurst Hill Lease Extension Case Studies:

Nathaniel, Buckhurst Hill, Essex,

Nathaniel owned a 2 bedroom flat in Buckhurst Hill on the market with a lease of a few days over fifty eight years outstanding. Nathaniel informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel procured expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.

Buckhurst Hill case:

Mr and Mrs. M Ricardo was assigned a lease of a studio apartment in Buckhurst Hill in October 2000. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Similar properties in Buckhurst Hill with a long lease were worth £242,600. The mid-range ground rent payable was £45 collected per annum. The lease came to a finish in 2092. Taking into account 67 years unexpired we estimated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 plus costs.