Why you should commence your Buckhurst Hill lease extension

Why you should commence your Buckhurst Hill lease extension today:

Increase your lease and increase your Buckhurst Hill property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Buckhurst Hill. Inevitably, the period of lease left shortens as time goes by. This may pass by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Buckhurst Hill have the legal entitlement to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please give careful consideration before putting off your Buckhurst Hill lease extension. Holding off the cost now likely increases the price you will ultimately have to pay for a lease extension

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

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lenders may not grant a mortgage with a short lease

Banks and Building Societies have specific criteria when lending monies secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term slips below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are wanting to refinance your Buckhurst Hill home.

Get in touch with one of our Buckhurst Hill lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake 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 conveyancer we work with provide it.

Buckhurst Hill Lease Extension Case Summaries:

Morgan, Buckhurst Hill, Essex,

Following unsuccessful correspondence with the freeholder of her garden apartment in Buckhurst Hill, Morgan initiated the lease extension process as the eighty year threshold was rapidly coming. The lease extension was finalised in September 2015. The landlord’s fees were negotiated to below 600 pounds.

Buckhurst Hill case:

In 2012 we were e-mailed by Dr K Alexander who, having took over the lease of a first floor apartment in Buckhurst Hill in September 2008. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Buckhurst Hill with a long lease were valued about £254,200. The average ground rent payable was £60 billed quarterly. The lease ran out on 6 September 2076. Having 51 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £43,700 and £50,600 not including expenses.