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Why you should commence your Buckhurst Hill lease extension

Main reasons to start your Buckhurst Hill lease extension today:

Increase your lease and increase your Buckhurst Hill property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Buckhurst Hill can extend the lease for a further ninety years under legislation. Please think carefully before delaying your Buckhurst Hill lease extension. Postponing the costs today simply increases the price you will ultimately be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Buckhurst Hill with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to issue a mortgage on a short lease

Mortgage Lenders differ in their lending criteria. Some set the bar at 75 years remaining on the lease; others may be content with anything over 70 years. With less than sixty years, it may be impossible to obtain a mortgage at all.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Buckhurst Hill?

The lawyers 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 Example Cases:

Tia, Buckhurst Hill, Essex,

Off the back of lengthy correspondence with the landlord of her garden apartment in Buckhurst Hill, Tia initiated the lease extension process just as her lease was coming close to the crucial eighty-year deadline. The legal work was concluded in January 2014. The landlord’s costs were kept to an absolute minimum.

Buckhurst Hill case:

Ms Kirsty Nelson took over the lease of a one bedroom apartment in Buckhurst Hill in October 2001. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Comparative residencies in Buckhurst Hill with a long lease were worth £225,400. The mid-range ground rent payable was £45 invoiced annually. The lease ended in 2087. Taking into account 64 years as a residual term we approximated the premium to the landlord for the lease extension to be within £15,200 and £17,600 plus costs.

Decision in Redbridge

An example of a Freehold Enfranchisement matter before the tribunal for a Buckhurst Hill flat is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case was in relation to 2 flats. The unexpired term as at the valuation date was 69.26 years.