Stop! Your Lease Extension in Burford Could Be FREE

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Many leaseholders in Burford are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Burford has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Burford lease extension

Top reasons for lease extension now:

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

Burford leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Burford residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Burford you should investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Burford flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is actioned without delay

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not issue a mortgage on a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate providing a mortgage on it. Even if you don't need a mortgage, you should be aware that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they can't secure a mortgage, then the financial worth of your property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our Burford lease extension solicitors or enfranchisement solicitors

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

Burford Lease Extension Case Summaries:

Amber, Burford, Oxfordshire,

Following lengthy correspondence with the landlord of her garden flat in Burford, Amber started the lease extension process as the 80 year mark was fast coming. The transaction completed in January 2012. The landlord’s charges were kept to an absolute minimum.

Burford case:

Last Summer we were called by Dr Elizabeth Martínez , who moved into a recently refurbished apartment in Burford in May 1998. The dilemma was if we could approximate the premium would likely be to extend the lease by ninety years. Similar residencies in Burford with an extended lease were worth £216,000. The mid-range amount of ground rent was £60 collected quarterly. The lease lapsed on 13 April 2084. Taking into account 58 years left we approximated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 not including expenses.

Burford case:

In 2011 we were contacted by Mr and Mrs. W Rose who, having acquired a studio apartment in Burford in April 2010. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Comparative flats in Burford with an extended lease were worth £200,000. The mid-range ground rent payable was £50 billed per annum. The lease terminated in 2104. Given that there were 78 years remaining we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of costs.