Why you should start your Bucklesham lease extension

Top reasons for lease extension now:

A Bucklesham lease 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 accordingly any extension of the lease gets more expensive. It is the case that most Bucklesham tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Bucklesham you should investigate if your lease has between 70 and ninety years remaining. There are good reasons why a Bucklesham leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is actioned without delay

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

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

Mortgage lenders may decide not to loan monies on a short lease

Banks and building societies do not lend on short residential leases. You most probably encounter difficulties if you need to sell your flat in Bucklesham if the unexpired lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have different 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 Bucklesham?

The conveyancers that we work with procure Bucklesham 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 lawyer we work with provide it.

Bucklesham Lease Extension Case Studies:

Ollie, Bucklesham, Suffolk,

Ollie owned a conversion apartment in Bucklesham on the market with a lease of just over sixty years left. Ollie on an informal basis contacted his freeholder being a well known London-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Ollie to exercise his statutory right. Ollie obtained expert advice and secured satisfactory deal informally and ending up with a market value flat.

Bucklesham case:

Last Autumn we were called by Dr E Fournier , who took over the lease of a studio apartment in Bucklesham in July 1999. The question was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Identical premises in Bucklesham with a long lease were valued around £300,000. The average ground rent payable was £50 invoiced annually. The lease ran out on 22 November 2102. Taking into account 76 years remaining we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including legals.

Bucklesham case:

Mr H Murphy was assigned a lease of a one bedroom apartment in Bucklesham in July 1998. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Identical residencies in Bucklesham with a long lease were valued around £257,800. The average amount of ground rent was £65 billed quarterly. The lease concluded in 2091. Given that there were 65 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 not including fees.