Main reasons to start your Bucklesham lease extension

Top reasons for lease extension now:

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

Bucklesham leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Bucklesham tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Bucklesham you must investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold residencies in Bucklesham with over 100 years outstanding 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 circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to lend with a short lease

Almost all mortgage lenders will not grant a mortgage on a lease with less than seventy years unexpired - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Bucklesham property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Bucklesham?

Engaging our service will provide you increased control over the value of your Bucklesham leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bucklesham Lease Extension Example Cases:

Finley, Bucklesham, Suffolk

Last Summer Finley, came dangerously near to the 80-year mark with the lease on his one bedroom apartment in Bucklesham. Having bought his property 18 years ago, the unexpired term was of minimal concern. by good luck, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Finley was able to extend his lease just in the nick of time in September. Finley and the landlord subsequently settled on an amount of £6,000 . If he had missed the deadline, the sum would have gone up by at least £850.

Bucklesham case:

Dr Oliver Davies was assigned a lease of a studio flat in Bucklesham in March 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative premises in Bucklesham with an extended lease were worth £208,600. The mid-range ground rent payable was £60 invoiced quarterly. The lease terminated on 15 October 2083. Taking into account 57 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 plus expenses.

Bucklesham case:

In 2011 we were e-mailed by Dr Omar Lefebvre who, having took over the lease of a ground floor apartment in Bucklesham in March 1996. We are asked if we could approximate the price would be to prolong the lease by 90 years. Comparative properties in Bucklesham with 100 year plus lease were worth £200,000. The mid-range ground rent payable was £50 billed yearly. The lease elapsed on 19 June 2103. Having 77 years remaining we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus expenses.