Why you should commence your Buckingham lease extension

Why you should start your Buckingham lease extension today:

A Buckingham lease depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Buckingham may extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Buckingham lease extension. Shelving that expense today simply escalates the amount you will ultimately have to pay to extend the lease.

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to issue a mortgage with a short lease

Lenders are really clamping down as regards to properties in Buckingham with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting the number of potential purchasers.

Why use us for your lease extension in Buckingham?

Lease extensions in Buckingham can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Buckingham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Buckingham Lease Extension Example Cases:

Zachary, Buckingham, Buckinghamshire,

Zachary was the the leasehold proprietor of a 2 bedroom apartment in Buckingham being sold with a lease of just over sixty years left. Zachary on an informal basis spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be payable on a lease extension were Zachary to exercise his statutory right. Zachary procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the flat.

Buckingham case:

Mr I Harris completed a ground floor apartment in Buckingham in August 1995. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Comparative residencies in Buckingham with an extended lease were worth £249,200. The average amount of ground rent was £60 billed annually. The lease terminated in 2077. Considering the 51 years remaining we estimated the compensation to the freeholder for the lease extension to be within £42,800 and £49,400 plus professional charges.

Buckingham case:

In 2014 we were contacted by Dr T Martin who, having owned a ground floor flat in Buckingham in October 2004. We are asked if we could approximate the premium would be to extend the lease by a further 90 years. Comparative homes in Buckingham with a long lease were in the region of £208,200. The average ground rent payable was £65 invoiced monthly. The lease finished on 28 June 2087. Given that there were 61 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 exclusive of costs.