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

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. Legislation has been in place for sometime now allowing qualifying Buckhurst Hill residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Buckhurst Hill you must see if your lease has between seventy and 90 years left. There are compelling reasons why a Buckhurst Hill flat owner with a lease having around eighty years left should take action to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may not loan monies on a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Given that many flats in Buckhurst Hill were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Buckhurst Hill?

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

Buckhurst Hill Lease Extension Example Cases:

Liam, Buckhurst Hill, Essex,

Liam owned a studio flat in Buckhurst Hill being marketed with a lease of fraction over fifty eight years left. Liam informally spoke with 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 grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Liam to invoke his statutory right. Liam procured expert legal guidance and secured an acceptable deal informally and readily saleable.

Buckhurst Hill case:

Last Autumn we were called by Dr Andrew Garcia , who moved into a first floor flat in Buckhurst Hill in January 1998. The question was if we could estimate the price would be for a ninety year extension to my lease. Similar properties in Buckhurst Hill with an extended lease were worth £200,800. The mid-range ground rent payable was £65 collected yearly. The lease expired in 2086. Having 60 years outstanding we estimated the premium to the landlord to extend the lease to be within £20,900 and £24,200 plus fees.