Why you should start your Buckingham lease extension

Main reasons to commence your Buckingham lease extension today:

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

The market value of Buckingham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than 80 years

Buckingham property with a lease extension has roughly the same value as a freehold

Leasehold premises in Buckingham with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not finance a property with a short lease

Lenders do not lend on short residential leases. You are likely to experience difficulties where you need to sell your flat in Buckingham if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different lenders have varying requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Buckingham?

Using our service will provide you increased control over the value of your Buckingham leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Buckingham Lease Extension Example Cases:

Joshua, Buckingham, Buckinghamshire,

Joshua was the the leasehold owner of a studio flat in Buckingham being marketed with a lease of a little over fifty eight years remaining. Joshua on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Joshua to exercise his statutory right. Joshua procured expert advice and secured an acceptable deal without going to tribunal and readily saleable.

Buckingham case:

Last Winter we were approach by Mr and Mrs. U Evans , who owned a one bedroom apartment in Buckingham in June 1998. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparable properties in Buckingham with a long lease were valued around £255,000. The average ground rent payable was £50 collected annually. The lease terminated in 2097. Considering the 71 years remaining we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.

Buckingham case:

Last Spring we were approach by Mr Jake Davis , who was assigned a lease of a studio flat in Buckingham in March 2012. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Comparative flats in Buckingham with an extended lease were in the region of £249,200. The average ground rent payable was £60 collected yearly. The lease ran out in 2077. Having 51 years outstanding we approximated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 plus fees.