Main reasons to commence your Buckhurst Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Buckhurst Hill property value

With a long leasehold premises in Buckhurst Hill, you are actually purchasing an entitlement to live in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably when there are less than 80 years left. Leasehold owners in Buckhurst Hill with a lease drawing near to 81 years remaining should seriously think of extending it without delay. When a lease has under 80 years outstanding, under the current statute the freeholder can calculate and levy a larger amount, assessed on a technical computation, known as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

Leasehold properties in Buckhurst Hill with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders may decide not to lend with a short lease

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

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

Buckhurst Hill Lease Extension Example Cases:

Chloe, Buckhurst Hill, Essex,

Trailing lengthy correspondence with the freeholder of her ground floor flat in Buckhurst Hill, Chloe started the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The transaction was concluded in February 2010. The landlord’s fees were kept to an absolute minimum.

Buckhurst Hill case:

Last year we were approach by Dr Elijah Fournier , who acquired a one bedroom flat in Buckhurst Hill in May 2012. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Similar homes in Buckhurst Hill with a long lease were valued around £176,200. The mid-range ground rent payable was £65 billed monthly. The lease ran out on 18 February 2082. Having 56 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 plus costs.